“By agreeing to reduce oil imports and exports by a specified amount each year, about 2.6 percent, signatory nations will help mitigate the negative consequences of an over-reliance on cheap oil and help prepare for a global decline in the world\u2019s oil supply. <\/p>\n
The premise of the Protocol is inherently straightforward: oil importing nations would agree to reduce their imports by an agreed-upon yearly percentage, referred to as the World Oil Depletion Rate, while oil producing nations would agree to reduce their rate of production by their National Depletion Rate. <\/p>\n
This simple and sensible formula will produce, in effect, a global rationing system. If the entire world adopted the Protocol, global consumption of oil would decline by almost 3 percent per annum, thus stabilizing prices, preserving the resource base, and reducing competition for remaining supplies.” <\/p>\n
The Oil Depletion Protocol<\/a> (via<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":" “By agreeing to reduce oil imports and exports by a specified amount each year, about 2.6 percent, signatory nations will help mitigate the negative consequences of an over-reliance on cheap oil and help prepare for a global decline in the world\u2019s oil supply. The premise of the Protocol is inherently straightforward: oil importing nations would […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,15],"tags":[],"_links":{"self":[{"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/posts\/687"}],"collection":[{"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/comments?post=687"}],"version-history":[{"count":1,"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/posts\/687\/revisions"}],"predecessor-version":[{"id":1026,"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/posts\/687\/revisions\/1026"}],"wp:attachment":[{"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/media?parent=687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/categories?post=687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.notechmagazine.com\/wp-json\/wp\/v2\/tags?post=687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}