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2017 | OriginalPaper | Chapter

6. Oil’s Future Role in the Economy

Author : S. W. Carmalt

Published in: The Economics of Oil

Publisher: Springer International Publishing

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Abstract

The nineteenth century might be considered the century of coal. The harnessing of the coal’s stored energy by development of the steam engine led to the industrial revolution and a concurrent revolution in transportation.

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previous chapter Energy in the Economy
next chapter Political Issues
Footnotes
1
The great British physicist, Lord Kelvin (1824–1907), is reported to have said near the end of his life “There is nothing new to be discovered in physics now, all that remains is more and more precise measurement”; this accurately conveys the sentiment of the time despite the fact that the attribution to Lord Kelvin is probably incorrect.
 
2
See the forecasts referenced in the previous chapter.
 
3
Literally “energy transformation”.
 
Metadata
Title
Oil’s Future Role in the Economy
Author
S. W. Carmalt
Copyright Year
2017
Book
The Economics of Oil

Print ISBN: 978-3-319-47817-3

Electronic ISBN: 978-3-319-47819-7

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-47819-7_6