Petro-Nationalism: The Futile Search for Oil Security

This paper takes the contrarian viewpoint that petro-nationalist oil security policies by oil consuming nations are likely to be ineffectual, very costly, and politically destabilizing internationally. Because the world oil market is one big bathtub, oil security is a public goods problem with a wor...

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Bibliographic Details
Published in:The Energy journal (Cambridge, Mass.) Mass.), 2015-12, Vol.36 (1_suppl), p.25-42
Main Author: Griffin, James M.
Format: Article
Language:English
Subjects:
Cartels
Crude oil prices
Energy security
Laws, regulations and rules
Nationalism
Oil
Oils & fats
Petroleum
Production data
Safety and security measures
Security
Security management
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Summary:This paper takes the contrarian viewpoint that petro-nationalist oil security policies by oil consuming nations are likely to be ineffectual, very costly, and politically destabilizing internationally. Because the world oil market is one big bathtub, oil security is a public goods problem with a worldwide scope. Thus cooperative solutions are essential. Particularly troublesome are bilateral supply agreements and efforts to achieve oil autarky, which aim specifically at achieving a political or economic advantage vis-à-vis other oil consuming nations. These misguided actions are likely to trigger politically destabilizing oil resource competition among major oil consuming nations.
ISSN:0195-6574
1944-9089
DOI:10.5547/01956574.36.SI1.jgri