Would you like to start a free subscription?
Remember me | Forgot password
For full content view: Log in Now!
Peak oil advocates seem to need to prove, and sometimes over-prove, that peaking world oil production is a problem. The opening speaker at the recent 2007 Houston World Oil Conference (sponsored by the Association for the Study of Peak Oil) stated that there is a direct and proportional relationship between oil supply deficit and Gross Domestic Product (GDP). The US, he said, experienced oil shortages in 1973 and 1979 that caused the economy to go into a recession. The precise proportionality, he added, between oil supply deficit and GDP decline varies, but it is at least one-to-one. While this sounds reasonable, it isn’t true.
The graph shows that following the 1973 Arab oil embargo, US annual oil consumption (essentially, supply) decreased by about 4% in 1974, but that GDP decreased only about 0.5%. In the following year, oil supply decreased 1.8%, but GDP decreased only 0.2%.
This area of the site is restricted.
In order to gain access, please either Log
In, or subscribe to World Oil.
Two options are available to you for creating an account.
1. Get a Free Trial Subscription to World Oil Magazine and gain immediate access to select content on World Oil Online.
Start a Free Trial Subscription and gain immediate access to the complete current issue of World Oil Magazine. Plus, you’ll receive 3 upcoming issues of World Oil Magazine in print or digital format.* You also receive access to the Energy Events Calendar, Industry Statistics and WO Wire’s news and industry coverage.
2. Purchase a subscription to World Oil magazine and gain immediate
and complete access to World Oil Online. As a Total Access subscriber
you will have access to all areas of the site available to registered users and
free subscribers as well as having access to such premium content areas as:
Physical copies of this content may be available for purchase. Visit the Reprints & Back Issues section.
If you are already a paid subscriber and do not have access, please email CustomerService@worldoil.com.
World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.
Houston, TX - November 4-5
All material subject to strictly enforced copyright laws.
© 2014 World Oil. © 2014 Gulf Publishing Company.