Session 6: “Peak Oil” and the Global Energy Challenge

As global energy demand continues to expand, growing concerns about oil scarcity are helping to drive prices to record highs. How high could oil prices go in coming years, and what effect could scarce supplies have on the 21st century global economy? This session focuses on the economics of oil exploration and extraction and examines the contention that the “peak oil” point is now close at hand.

Speaker Materials

Guy Caruso slides
Michael Finley slides
Fareed Mohamedi slides

Speakers

Howard Gruenspecht
U.S. Energy Information Administration

Guy F. Caruso
Center for Strategic and International Studies (CSIS)

Guy F. Caruso Mr. Caruso is Senior Advisor to the Energy and National Security program at CSIS.

From 2002 until September 2008 Caruso was the Administrator of the Energy Information Administration (EIA), a statistical agency within the United States Department of Energy (DOE) that provides policy-independent data, forecasts and analyses regarding energy. Mr. Caruso has acquired over 30 years of energy experience, with particular emphasis on topics relating to energy markets, policy and security. Mr. Caruso first joined DOE as a Senior Energy Economist in the Office of International Affairs and soon became the Director of the Office of Market Analysis. Other leadership roles held by Mr. Caruso during his tenure at DOE include: Director, Office of Oil and Natural Gas Policy, Office of Domestic and International Energy Policy and Director, Office of Energy Emergency Policy Evaluation.

Prior to joining DOE, Mr. Caruso worked at the Central Intelligence Agency (CIA) as an International Energy Economist in the Office of Economic Research. Mr. Caruso also previously served as the Executive Director of the Strategic Energy Initiative Project, under the Energy and National Security Program of the Center for Strategic and International Studies (CSIS) . CSIS is a private, nonpartisan organization dedicated to providing world leaders with strategic insights on, and policy solutions, to current and emerging global issues.

Moreover, before joining EIA, Mr. Caruso was also the Director of the National Energy Strategy (NES) project for the United States Energy Association (USEA). During this time, Mr. Caruso spearheaded the USEA publication "Toward a National Energy Strategy," which was released in February 2001 and a follow-up study entitled, "National Energy Strategy Post 9/11" which was released in July 2002. Mr. Caruso has worked at the Paris-based International Energy Agency (IEA), first as the Head of the Oil Industry Division where he was responsible for analyzing world oil supply/demand and developments in the oil industry; and later, as Director of the Office of non-members Countries where he directed studies of energy-related developments.

Mr. Caruso holds a B.S. in Business Administration and an M.S. in Economics from the University of Connecticut. He also earned a Masters of Public Administration from Harvard University.

Mark J. Finley
BP America, Inc.

Mark Finley is General Manager, Global Energy Markets and US Economics at BP. He is responsible for BP's long- and short-term analysis of global energy markets. He also manages the annual production of the BP Statistical Review of World Energy--a well-known resource on global energy data now in its 57th year. He regularly presents BP’s views on global energy markets to external audiences.

Mark chairs the American Petroleum Institute’s Committee on Economics and Statistics. He is a member of the International Association for Energy Economics and is an elected member of the US Conference of Business Economists.

Mark has more than 20 years of private- and public-sector experience as an energy economist; he joined BP's Economics Team in 2001. He holds graduate degrees in Economics and Finance. Mark and his wife Leigh Ann live in Arlington, VA with their two very cute daughters.

Fareed Mohamedi
PFC Energy

Fareed Mohamedi is a Partner of PFC Energy. He is Head of the Markets and Country department practice, which houses PFC Energy's expertise in country risk and petroleum sector policy. Fareed also manages PFC Energy's oil market analysis team and its global economics team. He helped develop PFC Energy's expertise on national oil companies and the unique challenges they face.
Fareed has been at PFC Energy since 1990. He has also worked at Moody's Investors Service as the lead country analyst for a number of petroleum and gas producing countries, at the Institute of International Finance in the Middle East and Asia departments, at the World Bank's Africa department, at Wharton Econometrics Forecasting Associates' Middle East service and at the economic research section of the Ministry of Finance and National Economy in Bahrain. In the 1970s, he managed several parts of his family business which had branches in Bahrain, UAE, Kuwait, Saudi Arabia and Qatar.

Fareed holds an M.A. in Arab Studies from the Center For Contemporary Arab Studies at the School of Foreign Service, Georgetown University and a B.A. in Economics from Western Michigan University.

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