Blog

For many years, there has been a theory that imports of oil would become a problem before there was an overall shortage of fossil fuels. In fact, when I look at the data, it seems to be clear that oil imports are already constrained. Figure 1. Interregional trade of fossil fuels based on data of the 2023 Statistical Review of World Energy by the Energy Institute. As I look at the data, it appears to me that coal and natural gas imports are becoming constrained, as well. There was evidence of this constrained supply in the spiking…