How will adoption of the Protocol affect importers and exporters differently?
Importers: No one doubts that industrial nations will find it difficult to sustain economic growth while using less oil on a yearly basis. Thus the voluntary adoption of the Protocol by importers would seem disadvantageous – a “tough sell.” However, it must be recognized that a decline in the availability of oil is inevitable in any case; only the timing of the onset of decline is uncertain. Without a structured agreement in place to limit imports, nations will be inclined to put off preparations for the energy transition until prices soar, at which time such a transition will become far more difficult because of the ensuing chaotic economic conditions. With the Protocol in place, importers will be able to count on stable prices and can then more easily undertake the difficult but necessary process of planning for a future with less oil. Poor importing countries may object that by using less petroleum they will have to forego conventional economic development. However, further developm
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- Top 8. How will adoption of the Protocol affect importers and exporters differently?
- How will adoption of the Protocol affect importers and exporters differently?
