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.

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.

Oil is the most vital resource of our time. Because it is so important, misperceptions about the black gold abound. Leonardo Maugeri clears the cobwebs by describing the colorful history of oil, and explaining the fundamentals of oil production. He delivers a unique, fascinating, and controversial perspective on the industry—as only an insider could. The history of the oil market has been marked, since its inception, by a succession of booms and busts, each one leading to a similar psychological climax and flawed political decisions. In a single generation, we've experienced the energy crisis of 1973; the dramatic oil countershock of 1986; the oil collapse of 1998-99 that gave rise to the idea of oil as just another commodity; and the sharp price increases following hurricane Katrina's devastation in the Gulf of Mexico. Today, we are experiencing a global oil boom that, paradoxically, seems to herald a gloomy era of scarcity exacerbated by growing consumption and the threat from Islamic terrorism in the oil-rich Middle East. Maugeri argues that the pessimists are wrong. In the second part of his book, he debunks the main myths surrounding oil in our times, addressing whether we are indeed running out of oil, and the real impact of Islamic radicalism on oil-rich regions. By translating many of the technical concepts of oil productions into terms the average reader can easily grasp, Maugeri answers our questions. Ultimately, he concludes that the wolf is not at the door. We are facing neither a problem of oil scarcity, nor an upcoming oil blackmail by forces hostile to the West. Only bad political decisions driven by a distorted view of current problems (and who is to blame for them) can doom us to a gloomy oil future.

As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.

This concise, accessible introduction to the history of oil tells the story of how petroleum has shaped human life since it was first discovered oozing inconspicuously from the soil. For a century, human dependence on petroleum caused little discomfort as we enjoyed the heyday of cheap crude—a glorious episode of energy gluttony that was destined to end. Today, we see the disastrous results in environmental degradation, political instability, and world economic disparity in the waning years of a petroleum-powered civilization—lessons rooted in the finite nature of oil. Considering the nature of oil itself as well as humans’ remarkable relationship with it, Brian C. Black spotlights our modern conundrum and then explores the challenges of our future without oil. It is this essential context, he argues, that will prepare us for our energy transition. Bringing his global perspective and wide-ranging technical knowledge, Black has written an essential contribution to environmental history and the rapidly emerging field of energy history in this sweeping, forward-looking survey.

This award-winning history provides a fascinating look at the Civil War era oil boom in western Pennsylvania and its devastating impact on the region. In Petrolia, Brian Black offers a geographical and social history of a region that was not only the site of America’s first oil boom but was also the world’s largest oil producer between 1859 and 1873. Against the background of the growing demand for petroleum throughout and immediately following the Civil War, Black describes Oil Creek Valley’s descent into environmental hell. Known as “Petrolia,” the region of northwestern Pennsylvania charged the popular imagination with its nearly overnight transition from agriculture to industry. But so unrestrained were these early efforts at oil drilling, Black writes, that “the landscape came to be viewed only as an instrument out of which one could extract crude.” In a very short time, Petrolia was a ruined place—environmentally, economically, and to some extent even culturally. Black gives historical detail and analysis to account for this transformation. Winner of the Paul H. Giddens Prize in Oil History from Oil Heritage Region, Inc.

Do countries fight wars for oil? Given the resource's exceptional military and economic importance, most people assume that states will do anything to obtain it. Challenging this conventional wisdom, The Oil Wars Myth reveals that countries do not launch major conflicts to acquire petroleum resources. Emily Meierding argues that the costs of foreign invasion, territorial occupation, international retaliation, and damage to oil company relations deter even the most powerful countries from initiating "classic oil wars." Examining a century of interstate violence, she demonstrates that, at most, countries have engaged in mild sparring to advance their petroleum ambitions. The Oil Wars Myth elaborates on these findings by reassessing the presumed oil motives for many of the twentieth century's most prominent international conflicts: World War II, the two American Gulf wars, the Iran–Iraq War, the Falklands/Malvinas War, and the Chaco War. These case studies show that countries have consistently refrained from fighting for oil. Meierding also explains why oil war assumptions are so common, despite the lack of supporting evidence. Since classic oil wars exist at the intersection of need and greed—two popular explanations for resource grabs—they are unusually easy to believe in. The Oil Wars Myth will engage and inform anyone interested in oil, war, and the narratives that connect them.