The Age of Oil: The Mythology, History, and Future of the World's Most Controversial Resource
By Leonardo Maugeri
Product Description:
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.
Summary: Excellent read
Rating: 5
This was a really interesting book to read. It is well written, so even when he is giving the detailed history, it is easy to read. The book is non-political in my opinion. I was hoping for greater confirmation that we are not any where near peak oil. He seems to have this opinon (that there is plenty of oil) but does not really focus on it. He pretty much deals with the facts and lets you make your own conclusions. Many of the negative opinions seem to be from the "oil panic" crowd that does not want to have their point of view challenged.
The book is very educational and very informative. You learn that we are not likely to run out of oil any time soon, that we have been through many oil cylcles with extremely high prices, and the market always has stabilized.
Worth your time to read.
Summary: Thoughts on THE AGE OF OIL.
Rating: 4
This book is worth reading: a broad and experienced view of the history of the energy industry; well-written and (especially considering the position of the writer as an officer of a major international oil company) remarkably objective in describing the rivalries of independents vs. majors and private companies vs. state companies. It is a worthy up-date to Daniel Yergin's monumental work, The Prize.
Summary: Interesting and Thought-Provoking!
Rating: 4
"Oil is the most vital resource of our time" - an attention-getting introduction to Maugeri's "The Age of Oil"
The first section covers the history of oil, beginning with Drake's discovery, Rockefeller's monopoly on refining and transportation, the entry of other competitors (Russia, Texas, Mexico, Venezuela), Churchill's leadership in converting the British Navy and then create a protected source in Persia, new uses (transportation, plastics) and the fading of its original attraction (lighting), the development of new industries dependent on oil use (autos, motels, gas stations), Texas' regulations providing a model for OPEC, new Arab producers, etc., with a periodic sprinkling of former warnings that we soon would run out. Then follows the '73 oil embargo, the '79 second shock (Iranian Revolution + rebellion in Venezuela + Soviet invasion of Afghanistan + the Iran/Iraq War), the '96 counter-shock caused by the Saudi decision to regain their market share (beaten down by considerable cheating among OPEC members; not motivated by Reagan's efforts to beat down the Soviets, though their lowered internal prices did not even cover production costs and the Saudi action sharply reduced their external earnings), and Hussein's '90 invasion of Kuwait (U.S. response was driven by fear he would go on to Saudi Arabia).
Maugeri also informs readers that Russia's shock therapy privatization failed due to the absence of a legal framework for the process, and the existing deep-rooted corruption within the system. The result was a redistribution of Russia's riches (including oil) into the hands of the elite, further acerbated by a "loans-for-shares" scheme by the oligarchs to prop up Yeltsin through the next election (Russia's failure to repay them was followed by rigged auctions that further enhanced the new capitalists' riches).
Ensuing negative production projections were caused more by disruption in Venezuela, Russia and Iraq, terrorism threats, oil companies' focus on buy-backs instead of exploration, oil company write-downs of reserves (due to the financial difficulty in developing, and in some cases even accessing them), China's surging use, and the Katrina disruption. A unique Maugeri contribution is his pointing out that environmentalists concerns also led to an exaggerated appearance of shortage due to special increased demand for the lighter, sweeter crudes most quoted in the media.
"The Age of Oil" then moves to the question "Are We Running Out of Oil?" Maugeri thinks not, again citing the numerous prior cries of impending doom. Rationale offered include Hubbard's theory applying ONLY to areas already well-explored (the U.S.), a new Russia theory disconnecting oil creation from organic sources - thus broadening its possible locations, improved recovery methods, inadequate exploration of large Middle East areas (the nations involved choosing instead to focus on developing existing fields - some of which still use 40+ year-old equipment), examples where prior recovery estimates proved wildly short (eg. Kern County, CA), neglect of alternative sources (shale oil, tar sands, ultra-heavy oils), and the potential improved efficiency from switching users to diesel.
Bottom-Line: Maugeri may well be correct in believing that oil doomsayers are overly pessimistic, especially given their track record. On the other hand, I'm also reminded of the hypochondriac who constantly woke up thinking he was dying - one day he was right! Finally, concern for global warming may make questions about oil reserves irrelevant!
Summary: The Age of Oil: The Mythology, History, and Future of the World's Most Controversial Resource
Rating: 5
great background history to today's strategic events in Middle East
Summary: Ignorant and Arrogant Fool
Rating: 1
This book is a sustained and viscous attack on the "Peak Oil" crowd led by Campbell, Deffeyes and Simmons. They claim that we are at or near the peak in world oil production and alternatives will not be available soon enough to prevent a bidding war for declining supplies.
Magueri's incessantly attacks them page after page using terms such as "pseudo-science" "myth" and "doomsayers." Magueri sets up the straw man "are we running out of oil" and fails to adequately address the question "when will world oil production peak?" Magueri uncritically accepts the optimistic claims of Saudi Arabia, the USGS and CERA. Magueri says the 30% of the world's sedimentary basins are unexplored but does not name any such basin. He seems ignorant of the science of petroleum geology.
World oil production is going to be less in 2006 than 2005. If in a few years it is clear that we were past the peak when this book was published then all will agree that Magueri is a laughable, ingnorant and arrogant fool.
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Originally Posted by Mohamed
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