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Title: A Thousand Barrels a Second
Subtitle: The Coming Oil Break Point and the Challenges Facing an Energy Dependent World
Author: Peter Tertzakian
Narrator: Dick Hill
Format: Unabridged
Length: 4 hrs and 17 mins
Language: English
Release date: 10-16-12
Publisher: McGraw-Hill Education
Ratings: 4 of 5 out of 8 votes
Genres: Business, Commerce & Economy
Publisher's Summary:
In 2006, world oil consumption will exceed 1,000 barrels per second. The news marks an important change that will have a far-reaching impact on world economies, investments, and business profitability.
In A Thousand Barrels a Second, Chief Energy Economist of ARC Financial Peter Tertzakian examines the future of oil and offers insights into what it will take to rebalance our energy needs and seize new opportunities. He answers the top questions asked by business leaders, policy makers, investors, and concerned citizens as we approach the coming break point:
Tertzakian also offers a realistic, informed look into the future of our energy supply chains and how our consumption patterns may evolve, revealing how governments, businesses, and even individuals can meet the coming challenges with better solutions and innovations.
Members Reviews:
A Reasonable Sense of Urgency
It feels appropriate to review this book as crude oil futures hit all-time contract highs... The 1980 inflation-adjusted highs for crude (roughly $100 per barrel in today's money) are just around the corner in geopolitical terms.
In the book's title, "A Thousand Barrels a Second" refers to the point at which world oil demand exceeds 86 million barrels per day. (86.4 to be exact--there are 86,400 seconds in one day). The International Energy Agency (IEA) believes the 86 million threshold could be crossed this year.
The "Coming Oil Break Point" refers to the aftermath of crisis and inevitable forced change. Tertzakian explains:
"...the history of energy shows that a time of crisis is always followed by a defining break point, after which government policies, and social and technological forces, begin to rebalance the structure of the world's vast energy complex. Break points are crucial junctures marked by dramatic changes in the way energy is used."
During the break point and the rebalancing phase that follows (which can last for 10 to 20 years), nations struggle for answers, consumers suffer and complain, the economy adapts, and science surges with innovation and discovery. In the era that emerges, lifestyles change, businesses are born, and fortunes are made.
I read the entire book on one leg of a coast-to-coast plane trip, a feat made possible by the clarity and lucidity of Tertzakian's writing. He excels at laying out detailed concepts in ways that are easy for the reader to grasp and understand, and paints a convincing picture of the significant challenges we face.
Tertzakian firmly grounds his argument in history, explaining what he calls the "evolutionary energy cycle" through the lens of past transitions. At one point we journeyed to the ends of the earth for whale oil, just as we do for "rock oil" (the literal meaning of petroleum) today. In the switch from wood to coal, tallow to whale oil, whale oil to kerosene, and so on, predictable aspects of the evolutionary energy cycle begin to emerge.
In addition to outlining the situation we're in, Tertzakian gives a fascinating, though brief, history of the oil industry.