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At a recent event hosted by the Hudson Institute, energy professionals gathered to discuss energy issues affecting both the United States and China, with significant discussion centering on how low oil prices generally correlate with economic prosperity and stability – and vice versa. It is projected that China’s oil import dependence will rise from 60% in 2013 to 75% in 2035 and that, in the next 15 years, China will overtake the U.S. as the world’s largest oil consumer. Like the U.S., China’s sustained economic growth is directly influenced by the price of oil. Although crude oil price spikes are… [more]
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University Distinguished Professor
Michigan State University, Dept. of Chemical Engineering
The last century can rightly be called the Age of (Inexpensive or ‘Cheap’) Oil as world oil consumption grew from about 20 million tons per year in 1900 to just under 400 million tons per year in 2005. Since 2005, however, world oil consumption has been nearly constant despite high demand and record high oil prices, which indicates that we simply cannot produce oil any faster. And since oil is not renewable, eventually the production (and therefore the consumption) of oil must decline. Declining oil production will be an extremely painful reality for the U.S. because not only does the… [more]
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