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Oil, Illiberalism, and WarAn Analysis of Energy and US Foreign Policy$
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Andrew T. Price-Smith

Print publication date: 2015

Print ISBN-13: 9780262029063

Published to MIT Press Scholarship Online: January 2017

DOI: 10.7551/mitpress/9780262029063.001.0001

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The Illiberal Political Economy of Oil

The Illiberal Political Economy of Oil

(p.25) 2 The Illiberal Political Economy of Oil
Oil, Illiberalism, and War

Andrew T. Price-Smith

The MIT Press

In this chapter Price-Smith delineates the foundations of the international political economy of oil, and argues that the global political economy of energy has shifted away from the liberal model toward an increasingly statist and often illiberal model that is currently dominated by the National Oil Companies (NOCs). The implications of this shift are significant for the United States, as its symbiotic model based on collusion with the international oil companies now seems a bit archaic. That said, the technological revolution in computer visualization and fracking may force many of the NOCs to partner with technically sophisticated International Oil Companies, and this may shift some power away from the NOCs. Price-Smith also argues that even as US oil production surges, the idea of US energy independence remains illusory.

Keywords:   Political Economy, Oil, National Oil Companies, Oil Corporations

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