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Abstract

It seems quite clear that petroleum will remain significant in the energy make up for the world in the 21st century. The petroleum industry is old, dirty, and unpopular but alternatives appear almost as illusive now as before anytime in the history. It is clear therefore until a viable alternative becomes available, we must continue to meet all challenges this industry presents. We know it works and if we continue to meet challenges we can sustain our way of life as we know now. This is by no means to stop searching for alternatives or stop diversifying energy solutions. Turkey’s energy is met by nearly 60% oil and natural gas. Turkey depends on imports by 95% and 97% oil and natural gas respectively. Volatility in the global oil price not only impacts oil consumers but also oil indexed natural gas consumers in every segment of the entire population. These combined with the fact that Turkey is increasingly becoming addicted to natural gas puts Turkish economy overly sensitive to global oil price. Turkey has a vibrant growing economy with young population presenting itself as one of the most promising countries in the world. Vulnerability of Turkish economy to oil prices hangs over its potential as dark clouds. The questions we must ask at the moment are where Turkey would be at when oil is $175/bbl or then, $200/bbl? Turkey has to find solutions to oil and gas dependency on foreign oil and gas. Are there solutions? How to eliminate this dependency or how to reduce it in the near term while aiming in the long run for independence? The fact is when we look at the other economies in the world Turkey is not alone as there are large number of countries with growing economies and with significant oil and gas import dependency hence we may adopt some of the solutions other have implemented.

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/content/papers/10.3997/2214-4609-pdb.377.2
2011-05-11
2021-10-16
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