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Nature, Oil, Crises

In: Six Crises of the World Economy

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  • José A. Tapia

    (Drexel University)

Abstract

The chapter focuses first on the link between emissions of greenhouse gases, evolving climate change, and the crises of the world economy in recent decades. In mainstream economics it is frequent the notion that recessions are connected with “oil shocks”, that is, disruptions of the supply of oil due to wars, revolutions, or embargoes of oil sales. Evidence shows however that the international market of oil, as that of other raw materials, is largely dependent on the conditions of the world economy, so that the peaks in oil price that precede global downturns are fully explained by the large demand of oil that is generated by a quickly expanding world economy. The chapter concludes with a discussion of the notion of peak oil in the context of a general consideration on how a variety of raw materials, particularly metals, are in the process of reaching peaks of production as they are non-renewable resources whose price fluctuations exert a major influence on profitability and the macroeconomic conditions of the money economy.

Suggested Citation

  • José A. Tapia, 2023. "Nature, Oil, Crises," Springer Books, in: Six Crises of the World Economy, chapter 0, pages 201-210, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-38735-7_7
    DOI: 10.1007/978-3-031-38735-7_7
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