Helping America Navigate a New Energy Reality

Paul Frankel, economist, on the nature of the petroleum industry

By on 23 Jan 2017 in quotes

“The basic feature of the petroleum industry … that matters most is that it is not self-adjusting.” The industry has “an inherent tendency to extreme crises” and “hectic prosperity is followed all too swiftly by complete collapse.”

Paul Frankel, economist, “Essentials of Petroleum,” 1946 (from energy columnist John Kemp)

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