Profits and Power: Navigating the Politics and Geopolitics of Oil
Published: July 2022© 2022
336 Pages, 6.00 x 9.00 x 0.80 in, 9 b&w figures, 1 b&w table
Oil fuels the global economy and remains a staple of our energy system. Yet, its production and use continue to draw negative criticism, and an increasing number of people want to reduce or eliminate its use altogether.
Profits and Power sheds light on how the oil system works, its key players, and the political and geopolitical issues related to its use. Starting in the second half of the nineteenth century, the book traces the fascinating history of how oil production and its sale became the world’s most profitable business. Tracing distinct eras in oil’s past, Profits and Power shows how periods defined by shifts in price often dictated who controlled production, and who enjoyed the often enormous riches oil production generated. David A. Detomasi weaves together politics, geopolitics, and economics to provide a complete picture of how the system really works, and what direction it will take in the future.
As the world becomes increasingly aware of the dangers and challenges oil dependency creates, knowledge of this crucial commodity has never been more relevant and critical for humanity’s future. Profits and Power will resonate with anyone interested in, or charged with responding to, our evolving energy future.
2. A Primer on the Oil Industry
3. The Legacy of Oil: 1858–2000
4. The Oil Market, 2000–2014: Rising Prices and the Perils of Profit
5. The Politics, Geopolitics, and Global Governance of Oil: 2000–2014
6. The Politics and Markets of a Price Fall: 2014–2019
7. 2020 and Beyond: Oil in the Post-Pandemic World
"The global oil market has long been the murky domain of international intrigue and secret power struggles, but Profits and Power offers a rare, penetrating look at its inner workings. This sweeping and accessible book by David A. Detomasi adds a dose of reality to the current debate around the future of oil."Stephen Poloz, Special Advisor, Osler Hoskin & Harcourt, former Governor of the Bank of Canada, and author of The Next Age of Uncertainty
"David A. Detomasi’s book is an interwoven crash-course in both the history and economics of oil and gas and should be required reading for anyone interested or involved in the industry, whether a proponent or opponent of it. He documents the facts in an interesting, engaging, and neutral way – also giving air to a variety of views and opinions arising from those facts. I came away concluding that the only predictable thing about oil and gas is its unpredictability and its ongoing importance, both currently and foreseeably, in our geopolitical and economic realities."Steve Major, Chair, 71st Canadian Energy Executive Association
"A frank and highly accessible overview and in-depth analysis of the history, politics, linkages, and global oil economics that both propel and govern why and how oil matters so much. A fundamental building block to understanding the fossil fuel journey and challenge for this and future generations."Hon. Hugh D. Segal, Former Chief of Staff to Prime Minister Brian Mulroney