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Petro-Nationalism: The Futile Search for Oil Security

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  • James M. Griffin

Abstract

This paper takes the contrarian viewpoint that petro-nationalist oil security policies by oil consuming nations are likely to be ineffectual, very costly, and politically destabilizing internationally. Because the world oil market is one big bathtub, oil security is a public goods problem with a worldwide scope. Thus cooperative solutions are essential. Particularly troublesome are bilateral supply agreements and efforts to achieve oil autarky, which aim specifically at achieving a political or economic advantage vis-a-vis other oil consuming nations. These misguided actions are likely to trigger politically destabilizing oil resource competition among major oil consuming nations.

Suggested Citation

  • James M. Griffin, 2015. "Petro-Nationalism: The Futile Search for Oil Security," The Energy Journal, International Association for Energy Economics, vol. 0(Adelman S).
    • Handle: RePEc:aen:journl:ej36-si1-griffin
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    References listed on IDEAS

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    1. Lance J. Bachmeier & James M. Griffin, 2006. "Testing for Market Integration: Crude Oil, Coal, and Natural Gas," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 55-72.
    2. M. A. Adelman, 1984. "International Oil Agreements," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 1-10.
    3. Donald W. Jones, Paul N. Leiby and Inja K. Paik, 2004. "Oil Price Shocks and the Macroeconomy: What Has Been Learned Since 1996," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 1-32.
    4. S. Gurcan Gulen, 1999. "Regionalization in the World Crude Oil Market: Further Evidence," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 125-139.
    5. Philip K. Verleger, Jr., 1993. "Adjusting to Volatile Energy Prices," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 41, January.
    6. Bielecki, J., 2002. "Energy security: is the wolf at the door?," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(2), pages 235-250.
    7. Lynch, Michael C., 2002. "Forecasting oil supply: theory and practice," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(2), pages 373-389.
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    Cited by:

    1. Ansari, Dawud, 2017. "OPEC, Saudi Arabia, and the shale revolution: Insights from equilibrium modelling and oil politics," Energy Policy, Elsevier, vol. 111(C), pages 166-178.
    2. Ostrowski, Wojciech, 2023. "The twilight of resource nationalism: From cyclicality to singularity?," Resources Policy, Elsevier, vol. 83(C).

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