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Oil

In: The Economic Decline of the West

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  • Wim Naudé

    (RWTH Aachen University)

Abstract

This chapter explains how oil has been essential for the economic rise of the West and how it will feature in its decline. A key concept in this chapter is the Energy Trap, referring to the need for fossil fuels, which supply 80% of the world’s energy needs but are declining, and becoming more expensive to extract—creating inflationary and cost-of-living pressures. Oil production and use also causes global climate change. Notwithstanding, as this chapter discusses, under the influence of the oligarchy and the need for economic growth, the West continues to prioritize oil and gas exploration. This chapter finally explores the link between oil and conflict.

Suggested Citation

  • Wim Naudé, 2025. "Oil," Springer Books, in: The Economic Decline of the West, chapter 0, pages 97-123, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-82299-5_4
    DOI: 10.1007/978-3-031-82299-5_4
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