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Oil & Gas: Crises and Controversies Volume 1 - Global Issues
Multi-Science Publishing, Pages: 494
Oil and gas are the drivers of modern economies and issues relating to them impinge importantly on national and international politics. This first of two volumes of Odell's collected papers and essays charts the sequence of significant developments, over the past 40 years, of this most international of industries. At one level, his book is a work of recent economic history, but an appreciation of the past is essential for proper interpretation of the present, and all the more so, if forecasting is one's trade. For these reasons, this book needs to be on the shelves of all who are professionally concerned with contemporary and/or prospective global oil and gas issues.
The book comprises two sections. Section I is concerned with the physical attributes of oil and gas resources, reserves and supply, in their economic and political settings, with emphases on 'how much' and 'where'. These issues have always been important and controversial. Even in the early 1960s a scarcity of oil and an undue dependence on Middle East supplies was being predicted! Through several major papers on this subject, Odell has established himself as a leading proponent of the view that the world has never been and is not now on the brink of a supply crisis.
Section II is concerned with economic and political inputs to the global oil and gas industry's organisation and markets since the early 1960s. Until the early 1970s the organisation of the industry, and of the resource itself, was under the control of the major multi-national oil companies. How that control was prised out of their hands by a number of different levers - most notably that of OPEC - is the central element of the industry's evolution in the last quarter of the 20th century.
The consequences of that loss of control, not only for the industry itself, but also for the Western World's economy and its political stability, are still unfolding. This key story, and its ramifications, are comprehensively and expertly analysed and presented by Professor Odell in this book.
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