“In a talk I gave at the University of Siena, Italy, in 2009, I took the liberty of explaining why a peaking of the world oil supply was certain, and conceivably sooner rather than later. Of course, when the price of oil can reach $147 a barrel, and bona fide experts claim that a price of $200 a barrel is possible, it seems appropriate to suggest that a flattening of the global oil output curve is scarcely worth noticing. The question now becomes “What does this have to do with nuclear energy?” The short answer is “everything,” because when the price of oil escalates, references to nuclear energy multiply in publications and on television screens in every corner of the industrial world. This is perfectly natural, because oil is a benchmark for the world energy economy — a standard of value — and a large increase in price is a sign that bad economic news might be on the way. The dilemma is that an exhaustible resource (i.e., oil), whose exhaustibility becomes increasingly apparent with every passing year, has a tendency to lose its charm...”
Excerpt from Ferdinand Banks, “Nuclear Renaissance,” per Concordiam: Journal of European Security Defense Issues 1, No. 1, 2010: 24-28.
Dr. Ferdinand E. Banks is one of the world’s leading academic energy economists. Widely published, he has lectured at universities and institutions in more than a dozen countries. He is currently a visiting professor at Uppsala University, Sweden. He has published 12 books, including his latest, The Political Economy of World Energy: An Introductory Textbook. He has a doctorate from Uppsala University.
This article reflects the views of the author and are not necessarily the official policy of the United States, Germany, or any other governments.