The oil market, which traditionally has been slow to change, is transforming in ways that were unthinkable a few years ago. By 2020, the United States is projected to be the world’s largest oil producer as well as its largest consumer and exporter of petroleum products.1 Almost overnight, a whole new assortment of resource and investment choices has emerged in a field that has long been stuck in familiar patterns. With change, however, comes uncertainty and risk. Following the symposium ICCT co-sponsored with the Carnegie Endowment for International Peace and the Energy Foundtion in January, in this report Chris Malins (the ICCT's Fuels Lead) and Debbie Gordon (Senior Associate at Carnegie) consider the changes facing the oil industry, and the regulatory responses that we have already seen and that will be necessary in coming years.
The html version of the report is available from the Carnegie Endowment website.