in Oxford Review of Economic Policy
January 2011; p ublished online January 2011 .
Journal Article. Subjects: Agricultural, Environmental, and Natural Resource Economics; Taxation, Subsidies, and Revenue; Environmental Economics; Market Structure, Firm Strategy, and Market Performance; Technological Change; Research and Development; Welfare Economics; Renewable Resources and Conservation; Energy Economics; Economic History; Market Structure and Pricing; Non-renewable Resources and Conservation. 12012 words.
Oil has been the world's dominant fuel for more than 50 years. Substitution of oil for power generation and heating has progressed since the 1970s, but substitution of oil in transport...