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Jeff Rubin: Oil and the End of Globalization

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Centre for International Governance Innovation

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Jeff Rubin: Rising Oil Prices Will Kill Globalization

02 min 36 sec

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Economist Jeff Rubin says that triple-digit oil prices will affect more than consumer behavior at the pump in the coming years. Rubin predicts that the rising price of oil will spell the end of the globalization boom that cheap oil has fueled over the past few decades.
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01 hr 07 min 18 sec

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Why Your World Is About to Get a Whole Lot Smaller: Oil and the End of Globalization [Hardcover]

Encyclopædia Britannica Articles

globalization: Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation technologies and services, mass migration and the movement of peoples, a level of economic activity that has outgrown national markets through industrial combinations and commercial groupings that cross national frontiers, and international agreements that reduce the cost of doing business in foreign countries. Globalization offers huge potential profits to companies and nations but has been complicated by widely differing expectations, standards of living, cultures and values, and legal systems as well as unexpected global cause-and-effect linkages. See also free trade.; globalization on britannica.com
petroleum: Complex mixture of hydrocarbons derived from the geologic transformation and decomposition of plants and animals that lived hundreds of millions of years ago. As a technical term, petroleum encompasses the liquid (crude oil), gaseous (natural gas), and viscous or solid (bitumen, asphalt) forms of hydrocarbons that occur in the Earth, but the meaning is often restricted to the liquid oil form. Crude oil and natural gas are the most important primary fossil fuels. Asphalt has been used since ancient times to caulk ships and pave roads. In the mid 1800s petroleum began to replace whale oil in lamps, and the first well specifically to extract it was drilled in 1859. The development of the automobile gave petroleum a new role as the source of gasoline. Petroleum and its products have since been used as fuels for heating, for land, air, and sea transport, and for electric power generation and as petrochemical sources and lubricants. Crude oil and natural gas, produced mostly in Saudi Arabia, the U.S., and Russia, now account for about 60% of world energy consumption; the U.S. is by far the largest consumer. At present rates of consumption, the known supply will be exhausted by the mid 21st century. Petroleum is recovered from drilled wells, transported by pipeline or tanker ship to refineries, and there converted to fuels and petrochemicals.; petroleum on britannica.com