Energy Security

Oil Price Volatility and Pervasive Resource Nationalism

Author(s): Matthew Hulbert
Editor(s): Daniel Möckli
Series Editor(s): Andreas Wenger, Victor Mauer
Book Title: Strategic Trends 2010: Key Developments in Global Affairs
Series: Strategic Trends
Pages: 85-102
Publisher(s): Center for Security Studies (CSS), ETH Zurich
Publication Year: 2010
Publication Place: Zurich

When oil prices turned from highs of US$ 147/b into lows of US$ 33/b, the demise of producer regimes was expected to follow. But amid the crisis, producers proved to be politically resilient, with production cuts playing an important role. Their political survival is now being turned into sharpened resource nationalism into 2010. Prices have already lifted to over US$ 80/b; consumers are feeling the brunt. Unless lessons are learnt to forge greater producer-consumer cooperation, all states will lose out.

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