Myths of the Oil Boom

American National Security in a Global Energy Market

Steve A. Yetiv

First comprehensive analysis of the American oil boom and U.S. national security
Covers hot geopolitical issues including energy independence, oil prices, and oil's link to terror
Explains how actions in the US, Russia, and the Middle East affect oil supplies

Myths of the Oil Boom

American National Security in a Global Energy Market

Steve A. Yetiv

Description

The last decade has seen a far-reaching revolution in the oil industry, both in the US and globally. By some measures, America is on pace to become the world's biggest oil producer, an outcome that was inconceivable just a few years ago. But what does this shift really mean for American and global security?

In Myths of the Oil Boom, Steve A. Yetiv, an award-winning expert on the geopolitics of oil, takes stock of our new era of heightened petroleum production and sets out to demolish both the old myths and misconceptions about oil and the new ones that are quickly proliferating. As he explains, increased production in the US will not lead to a major reduction in longer term oil prices, even if it has contributed to their precipitous fall in the short run. America will not intervene less in the Persian Gulf just because it is producing more oil domestically. Saudi Arabia is less willing or able to play global gas pump to the world economy than in the past. Building an electric car industry does not mean that consumers will buy in, but neither is it true that a broad shift toward eco-friendly cars will have very little impact on greenhouse gas emissions. Most importantly, raising the level of domestic production will never solve America's energy and strategic problems, and it may in fact worsen climate change unless it is accompanied by a serious national and global strategy to decrease oil consumption. While Yetiv takes on these and a number of other misconceptions in this panoramic account, this is not just an exercise in myth-busting; it's also a comprehensive overview of the global geopolitics of oil and America's energy future, cross-cutting some of the biggest economic and security issues in world affairs.

Accessibly written and sharply argued, Myths of the Oil Boom will reframe our understanding of the most politicized commodity in the world.

Myths of the Oil Boom

American National Security in a Global Energy Market

Steve A. Yetiv

1. Introduction: The Nexus Between Oil and Security
I. Oil markets, politics and prices

2. America's oil boom will substantially lower oil prices
3. Saudi Arabia is an OPEC oil price dove
4. U.S. Presidents can influence oil and gasoline prices

II. The Geopolitics of Oil

5. More American Oil, Less Persian Gulf intervention
6. Oil supply disruptions are really threatening
7. America's Oil Consumption is Only a Drag

III. The Costs of Oil Use

8. Gasoline costs what you pay at the pump
9. Big Oil companies dominate world oil
10. The U.S. oil boom should erase peak oil concerns

IV. Conclusions

11. Developing Comprehensive Energy Solutions
12. Conclusion: The Synergistic Strategy

Myths of the Oil Boom

American National Security in a Global Energy Market

Steve A. Yetiv

Author Information

Steve A. Yetiv is the Louis I. Jaffe Professor of International Relations at Old Dominion University. In addition to eight books, he has published over 250 editorials in papers including the New York Times, Washington Post, and Christian Science Monitor, and has appeared on CNN, CNBC, C-SPAN and NPR.

Myths of the Oil Boom

American National Security in a Global Energy Market

Steve A. Yetiv

Reviews and Awards

"Oil remains vital to global security. In this very readable book, Steve Yetiv dispels myths and provides a fascinating account both for analysts and for the general public." -- Joseph S. Nye, Jr, Harvard University Distinguished Service Professor, and author of Is the American Century Over?

"Steve Yetiv sets the record straight, exploding a number of misconceptions surrounding the politics and economics oil. In particular, he provides a well-timed corrective to exaggerated views about the potential contributions of the recent surge in U.S. oil output to national and international energy security. Along the way, the book offers a valuable primer on oil markets, the geopolitics of oil, and the true costs of oil dependence as well as the most promising approach for reducing oil insecurity." -- John Duffield, Professor of Political Science, Georgia State University

"An eye opening account of the impact of increased American oil production on international politics by one of America's foremost oil analysts. Neither a doomsayer nor a wild eyed optimist, Yetiv shows why and how changes in the supply of oil will directly affect American interests and world stability. A timely and invaluable work for anyone who wants to understand how oil shapes our lives."--Steven David, Professor of Political Science, Johns Hopkins University

"A superb book on the changing dynamics of U.S. and global energy security and politics-wonderfully researched and written-a must-read for those interested in security studies, American foreign-policy, and international political economy."--Patrick James, Dornsife Dean's Professor of International Relations, University of Southern California; former Vice President, International Studies Association

"An oil policy wonk's dream: a clear, detailed position paper presenting the factors affecting US energy security and future oil price stability. [Yetiv] loads his book with in-depth data and offers geopolitical scenarios encompassing sovereign countries, the world's major oil producing cartels and independent national producers. Yetiv makes the powerful argument that the best way to improve America's future oil price and supply security is to cut its reliance on oil. Richly sourced and featuring an extensive index, this dense work presents a sophisticated understanding of the true state of oil and its discontents."--getAbstract

"Richly sourced and featuring an extensive index...presents a sophisticated understanding of the true state of oil and its discontents." -- getAbstract

"Myths of the Oil Boom assumes a much welcomed long-term energy security focus. Yetiv acknowledges the benefits of the recent American oil boom but forcefully contends this is not enough to inoculate us from the vagaries of foreign oil...What we need then is a dramatic "moonshot program" to wean Americans off our addiction to petroleum...Yetiv tackles oil security comprehensively, then, deftly weaves primers on oil markets with broader discussion on the geopolitics of oil. Richly sourced but written for a general audience, the analysis highlights oil [as] one of the defining features of our age." -- Professor Michael Gunter, New York Journal of Books

"A fascinating scholarly treatise on the current US oil boom and its long-term effects on American and global national security." --CHOICE

"Myths of the Oil Boom provides a comprehensive introduction to the problems related to the Age of Oil...Yetiv is convincing and exhaustive in arguing that international security will never be reached simply through more control over oil supplies, but requires a new quest: that of a different world energy paradigm." --H-Net Reviews