Is the earth's oil supply starting to run out, or is there far more oil than some experts believe? This book points out flaws in the research used to warn of an oil shortfall and predicts that large new reserves of oil are soon to be tapped. In the last decade, oil experts, geologists, and policy makers alike have warned that a peak in oil production around the world was about to be reached and that global economic distress would result when this occurred. But it didn't happen. The "Peak Oil" Scare and the Coming Oil Flood refutes the recent claims that world oil production is nearing a peak and threatening economic disaster by analyzing the methods used by the theory's proponents. Author Michael C. Lynch, former researcher at Massachusetts Institute of Technology (MIT), debunks the "Peak Oil" crisis prediction and describes how the next few years will instead see large amounts of new supply that will bring oil prices down and boost the global economy. This book will be invaluable to those involved in the energy industry, including among those fields that are competing with oil, as well as financial institutions for which the price of oil is of critical importance. Lynch uncovers the facts behind the misleading news stories and media coverage on oil production as well as the analytic process that reveals the truth about the global oil supply. General readers will be dismayed to learn how governments have frequently been led astray by seeming logical theories that prove to have no sound basis and will come away with a healthy sense of skepticism about popular economics.

This book offers a revealing picture of the myths and realities of the energy world by one of our most renowned energy experts and managers. At the end of the first decade of the 21st century, the human race finds itself caught in an "energy trap." Carbon-rich fossil fuels—coal, petroleum and natural gas—are firmly entrenched as the dominant sources of our energy and power. Their highly concentrated forms, versatility of use, ease of transport and storage, ready availability, and comparatively low costs combine to give fossil fuels an unassailable competitive advantage over all alternative sources of energy. This economic reality means that fossil fuels will inevitably continue to be the backbone of the global economy for the next quarter of a century, even while the adverse climate and environmental effects of our dependence on fossil fuels hurtle toward global crisis levels. To avert unacceptable environmental consequences, the world must deliberately and incrementally supplant fossil fuels with alternative energy sources, on a schedule that will have them overtake fossil fuels in the world's energy budget by 2035. To achieve this urgent goal without massive economic dislocation and reduction in standards of living, global investment in fossil fuel efficiency will be just as important as the development and massive deployment of alternative energy technologies and delivery systems. In this eagerly awaited sequel to his prize-winning bestseller, The Age of Oil, Leonardo Maugeri, the strategy director of one of the world's biggest energy companies, puts forward a hard-headed, concrete plan in simple everyday language for how to shift the world economy's primary energy dependence from fossil fuels to renewable energies by 2035. Assuming no specialized knowledge, the author walks the reader chapter by chapter through each of the fossil fuels (oil, coal, and natural gas) and each of the alternative energy sources (nuclear, hydroelectric, biofuel, wind, solar, geothermal, and hydrogen). Drawing on the unparalleled data and analysis resources at his command, Maugeri assesses the problems and advantages of each energy source in turn in order to constrain the optimal mix of energy sources that the world should be aiming for in 2035. Critically, he lays out the arduous path for getting from here to there. Maugeri shows that the next 25 years will be a rocky marriage between the old and the new energy paradigms, during which we must dramatically improve the efficiency of our continuing use of fossil fuels, while driving ahead on all fronts to an energy future based on a suite of sustainable energy sources.

Oil is the most vital resource of our time. Because it is so important, misperceptions about the black gold abound. Leonardo Maugeri clears the cobwebs by describing the colorful history of oil, and explaining the fundamentals of oil production. He delivers a unique, fascinating, and controversial perspective on the industry--as only an insider could. The history of the oil market has been marked, since its inception, by a succession of booms and busts, each one leading to a similar psychological climax and flawed political decisions. In a single generation, we've experienced the energy crisis of 1973; the dramatic oil countershock of 1986; the oil collapse of 1998-99 that gave rise to the idea of oil as "just another commodity;" and the sharp price increases following hurricane Katrina's devastation in the Gulf of Mexico. Today, we are experiencing a global oil boom that, paradoxically, seems to herald a gloomy era of scarcity exacerbated by growing consumption and the threat from Islamic terrorism in the oil-rich Middle East. Maugeri argues that the pessimists are wrong. In the second part of his book, he debunks the main myths surrounding oil in our times, addressing whether we are indeed running out of oil, and the real impact of Islamic radicalism on oil-rich regions. By translating many of the technical concepts of oil productions into terms the average reader can easily grasp, Maugeri answers our questions. Ultimately, he concludes that the wolf is not at the door. We are facing neither a problem of oil scarcity, nor an upcoming oil blackmail by forces hostile to the West. Only bad political decisions driven by a distorted view of current problems (and who is to blame for them)can doom us to a gloomy oil future.