Natural Gas Revolution, The: At the Pivot of the World's Energy Future
©2014 |Pearson FT Press |
Robert W. Kolb
©2014 |Pearson FT Press |
A natural gas revolution is transforming the global energy industry, redistributing economic and geopolitical power in stunningly unexpected ways. New gas resources promise a major economic stimulus, and the enrichment of human life worldwide – if we can manage the serious environmental risks they present. The explosive growth of “unconventional” natural gas exploration has been publicized widely. Now, for the first time, Robert W. Kolb places it in broader context, explaining what it will really mean to global economics, geopolitics, investors, the environment, and consumers.
Kolb begins with a non-technical introduction to the energy situation as it was perceived in 2005, before the natural gas revolution began. Next, he clearly explains the key technological developments that have enabled it: hydraulic fracturing (“fracking”), horizontal drilling, and the development of a robust worldwide LNG infrastructure.
Kolb illuminates both the promise and peril of “unconventional” natural gas, illuminating the implications of larger, more widely distributed, and more environmentally-friendly hydrocarbon resources. Will natural gas permit a more orderly transition to solar and other renewables? Will “fracking” and horizontal drilling poison the aquifers cities depend on for clean drinking water? Will "fracking" increase earthquake risks?
Kolb next explains how the natural gas revolution is roiling world energy markets, predicts their response to today’s wild price imbalances, and identifies surprising implications for both investors and consumers – for example, a potentially faster transition to cleaner transportation. He concludes by identifying nations and regions that may achieve unexpected energy independence from current suppliers – and even become exporters.
The stunning global impact of the accelerating natural gas revolution — now explained in plain English for the first time
Chapter 1 To the Brink of Innovation 27
Chapter 2 They Call It a Revolution 45
Chapter 3 Liquid Natural Gas and the World Gas Revolution 73
Chapter 4 Environmental Costs and Benefits 101
Chapter 5 The United States and China 133
Chapter 6 The World’s Other Large Economies 159
Chapter 7 The Other Contending Nations 191
Chapter 8 The Next Energy Revolutions 221
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Robert W. Kolb holds two Ph.D.’s from the University of North Carolina at Chapel Hill (philosophy 1974, finance 1978) and has been a finance professor at five universities. He is currently a professor of finance at Loyola University Chicago, where he also holds the Considine Chair of Applied Ethics.
Kolb's recent writings include Futures, Options, and Swaps 5e , and Understanding Futures Markets 6e, both co-authored with James A. Overdahl. Recent edited volumes are: Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, Sovereign Debt: From Safety to Default, and Financial Contagion: The Viral Threat to the Wealth of Nations, both published by Wiley. Kolb's most recent books are The Financial Crisis of Our Time (2011) and Too Much Is Not Enough: Incentives in Executive Compensation (2012), both published by Oxford University Press and both selected for the Financial Management Association's Survey and Synthesis Series.
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