World oil: is supply still a problem

Journal Article · · Energy Conserv. Bull.; (United States)

OSTI ID:6460301

Flavin, C

World oil prices declined from $35 to $27 a barrel since 1981; consumption by almost 10% since 1979, yet oil remains a dwindling resource. While OPEC countries are husbanding their oil reserves in an effort to maintain prices, non-OPEC oil producers such as the US, Great Britain, and the Soviet Union are rapidly depleting their reserves. When non-OPEC production declines in the 1990s, the OPEC countries may be back in the driver's seat. A new energy crisis can develop as Third World consumption, projected to rise 50% by 1995, increases. New strategies are needed to sustain the positive momentum of recent years and prepare for a time when oil will be prohibitively expensive throughout most of the world. More competitive markets are likely to ease the effect of future disruptions. Government policies must provide incentives for energy efficiency and increase opportunities for self-sufficiency. 2 figures, 1 table.

• OSTI ID: 6460301
• Journal Information: Energy Conserv. Bull.; (United States), Journal Name: Energy Conserv. Bull.; (United States) Vol. 5:3; ISSN ECBUE
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
291000 -- Energy Planning & Policy-- Conservation
294002 -- Energy Planning & Policy-- Petroleum
ECONOMIC POLICY
EFFICIENCY
ENERGY CONSUMPTION
ENERGY EFFICIENCY
ENERGY SOURCES
FOSSIL FUELS
FUEL CONSUMPTION
FUELS
GLOBAL ASPECTS
GOVERNMENT POLICIES
INTERNATIONAL ORGANIZATIONS
OIL-EXPORTING COUNTRIES
OPEC
PETROLEUM
PRICES
RESOURCE CONSERVATION
RESOURCE DEPLETION