Energy Alarmism: The Myths That Make Americans Worry about Oil
Because the United States is a net oil importer, concerns about energy security naturally raise foreign policy questions. However, “Peak oil” predictions about the impending decline in global rates of oil production are based on scant evidence and dubious models of how the oil market responds to scarcity. Though oil supplies increasingly come from unstable regions, investment to reduce the costs of finding and extracting oil is a better response to that political instability than trying to fix the political problems of faraway countries. The United States does not need to be militarily active or confrontational to allow the oil market to function or to ensure reliable access in coming decades.