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Why Oil Became The Engine Of Postwar Growth
- Oil supplied ~30% of global energy and was the dominant, easy-to-transport fuel after WWII.
- Sarah Emerson explains liquids beat gas and electricity because they move cheaply between markets, making oil the engine of postwar growth.
1970s Crises Rewired Energy Policy
- The 1970s shocks forced policy changes: diversification, the IEA, strategic reserves and demand restraint.
- Sarah Emerson lists those responses as direct results of the oil embargo and price crises of the 1970s.
Three Distinct Eras Of Oil Shocks
- Oil crises cluster into three eras: pre-1980 wake-up shocks, 1990s–2000s Gulf conflicts, and post-2003 shifts with US exports and Chinese demand.
- Sarah Emerson maps how US output and Chinese consumption changed crisis dynamics.