Oil and the Global Economy
How important is oil to the future of the global economy? The remarkable economic expansion of in the United States and other industrial nations over the past century or more has been fueled by a steadily growing supply of low-cost energy—mostly from fossil fuels—oil in particular which accounts for more global energy consumption than any other source.
But there is growing uncertainty whether this trend will continue as it has in the past. How will shifting trends regarding the cost, demand, and supply for oil affect the global economy and the outlook for investment and economic growth?
Guests:
- Stephen P.A. Brown – professor of economics and director, Center for Business and Economic Research, Lee Business School, University of Nevada, Las Vegas; visiting fellow, Resources for the Future; associate editor, Energy Policy
- Mark Lewis – senior analyst for energy, climate, and sustainability research, Kepler Cheuvreux ; former head of energy commodities research, Deutsche Bank
- Jim Hansen – president, Ravenna Capital Management
Key Questions:
- Cost: What are the key trends regarding costs of oil production and what are the implications for the global economy and investment in the energy sector.
- Price: How are recent trends regarding oil prices affecting the global economy? Is there a tension between sagging prices and rising costs and if so, what are the implications for the global economy and investment in the energy sector?
- Demand: How are trends regarding oil demand —rising sharply in some countries, flattening in others—affecting the global economy?
- Supply: How does uncertainty regarding energy supply factor into the outlook for the global economy and investment in the near-term and further down the road?
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