Sarah A. Emerson

Sarah A. Emerson is director of Energy Security Analysis Inc., an energy research firm. In the following viewpoint, Emerson contends that the world’s oil reserves are growing. She maintains that although oil deposits are continually being extracted from the Earth, technological innovation has enabled the oil industry to locate and extract from new reserves worldwide. She claims that governments are misinformed in creating energy policies based on the assumptions that oil reserves are diminishing and are located in the politically unstable Middle East.

As you read, consider the following questions:

1. What did Harold Hotelling argue about the future of the world’s oil reserves"
2. How far does the United States fall behind the oil industry’s recommended reserve-to-production ratio, according to Emerson"
3. According to the author, what factors contributed to the...