Morry Adelman, Regulation Vol. 27, No. 1, pp.16-21(2004).

According to “conventional wisdom,” humanity’s need for oil cannot be met and a gap will soon merge between demand and supply. That gap will broaden as the economies of Europe, Japan, and several emerging nations grow and increase their energy needs. The United States is at the mercy of Middle Eastern exporters who can use the “oil weapon” to cripple the U.S. economy. Unless we increase domestic oil production radically or cut consumption, or nations like Russia quickly exploit recently discovered oil fields, the United States will find itself in an oil crisis.