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Apr 05

Oil Spike: Back to the Future?

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Political risks, such as social upheavals in the Persian Gulf, terrorism, and future wars have the potential to significantly affect the global supply of oil and drive prices up. Ongoing events in the Middle East; rising demand for oil in developing countries, especially India and China; commodity speculation in oil; and potential terrorist attacks on key transportation nodes, refineries, and oil fields have a major economic impact on the oil market. However, the global oil market can adjust to supply disruptions.

Reliance on long-term market forces and coordinated security activities with allies and major oil producers and consumers can restore confidence in energy markets faster than a response that relies solely on government intervention. The lack of U.S. leadership in case of an oil crisis, however, would lead to further threats to the global energy production and transportation system and to negative economic outcomes. The United States must develop pro-active, multi-layered preventive and responsive strategies to deal with political threats to the security of oil supply. Join us as our panel of experts discusses strategic threats to oil supply and the policy options available to the United States and other oil consuming and producing states. They will also examine lessons learned from a recent Heritage Foundation energy crisis simulation exercise.

More About the Speakers

Bruce Everett, Ph.D.
Adjunct Associate Professor of International Business, The Fletcher School, Tufts University

David Kreutzer, Ph.D.
Research Fellow in Energy Economics and Climate Change, Center for Data Analysis, The Heritage Foundation

Derek Scissors, Ph.D.
Research Fellow, Asian Studies Center, The Heritage Foundation

Hosted By

Ariel Cohen, Ph.D. Ariel Cohen, Ph.D.

Visiting Fellow in Russian and Eurasian Studies and International Energy Policy in the Douglas and Sarah Allison Center for Foreign and National Security Policy, a division of the Kathryn and Shelby Cullom Davis Institute for International Studies, at The Heritage Foundation Read More