Energy Alarmism: The Myths That Make Americans Worry about Oil
Source: Cato Institute
From press release:

From President Bush’s worry about America’s “addiction to oil” to the debate surrounding alternative fuels, our alleged vulnerability to foreign oil producers is a major part of the national security debate. But a new policy analysis from the Cato Institute sheds light on the true nature of the oil market, dispelling the falsehoods underpinning current U.S. foreign policy.

In “Energy Alarmism: The Myths That Make Americans Worry about Oil,” professors Eugene Gholz and Daryl G. Press argue that fears about the United States’ “energy security” are overblown. They acknowledge that the oil market is complex and subject to internal and external disruptions, but stress that above all, “market forces, modified by the cartel behavior of OPEC, determine most of the key factors that affect oil supply and prices.” Without a doubt, global demand for oil is growing, and will continue to increase. However, oil supplies are not as endangered as they seem — weakening arguments that military action or democracy promotion is needed to secure America’s “oil interests.”

+ Full Document (PDF; 177 KB)

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