The Rumi Forum presented “The Future of Oil: Will the Aging King Give Up the Throne” with Bruce L. Petersen, President, Chem-Energy Advisors, LLC.
Bruce L. Petersen spoke about the history and future of oil and whether its role can be diminished within the near future. Oil has remained on its throne due to the lack of substitutes available. While its necessity has diminished within the commercial, residential, and power areas, the transportation industry still relies heavily upon petroleum products. This reliance has caused some to worry about an oil deficit. Petersen assured his listeners that with new technology and the production possibilities of current fields, this is not likely.
Petersen ended his lecture by discussing the current oil situation in conjunction with the economic crisis at hand. Although oil recently peaked at $147 a barrel, Petersen is not convinced that this will necessarily spin us into a period of petroleum conservation. In order to determine this he focused on three things;
- The current recession’s pervasiveness and how long it will last,
- The direction of public policy and whether it will advocate alternative substitutes, and
- The emergence of technological changes that will make the alternatives to oil cheaper.
Petersen concluded by stating that despite past and current crises and unfavorable views in public opinion, “the old king will remain on the throne for a long time to come”.
Bruce L. Petersen is an expert in public policy economics, with emphasis on the energy and chemical industries. Bruce worked as a Research Associate for the National Bureau of Economic Research, was an Instructor in Economics at the University of Wyoming, and was a Senior Economist with the American Petroleum Institute (where he went on to be Deputy Director of both the Refining and Marketing Departments and Director of the Synthetic Fuels Department). He then moved over to the National Petrochemical & Refining Association, where he was Petrochemical Director. Bruce is now President of Chem-Energy Advisors, LLC, which provides consulting services to the petrochemical and refining industries. Currently he is serving as an advisor to the Gulf Petrochemical and Chemicals Association in Dubai.
Bruce has a BSFS with the Georgetown University School of Foreign Service and a Ph.D. in Economics from Georgetown University. He is a member of the American Economics Association, the Founder’s Club, and the United State Association for Energy Economics.
Moderator:
Mr. Tariq Shafi, CPA, has over twenty-five years of accounting and tax experience in the Washington metro area and London, England. He was a tax and accounting manager for six years at a prestigious firm in Old Town Alexandria before venturing out on his own in 1995. Since then, his practice has grown steadily as word has spread about his firm’s high reputation for quality service at a reasonable cost.
Mr. Shafi and his staff believe strongly that building ties with the community involve giving their time and effort to worthwhile causes and they are active participants in local charitable and educational institutions.