Climate change and peak oil—two large-scale disruptions likely to adversely affect long-term tourism growth in the Asia Pacific

How US Suppliers Alter Their Extraction Rates and What This Means for Peak Oil Theory

Hubbert suggests that oil extraction rates will have an exponentially increasing course until they reach their highest level and then they will suddenly decline. This best describes the well-acclaimed Peak Oil Theory or Peak Oil. We research whether the theory is validated in seven US plays after the shale revolution. We do so by applying two well-established methodologies for asset bubble detection in capital markets on productivity rates per day (bbl/d). Our hypothesis is that if there is a past or an ongoing oil extraction rate peak then Hubbert’s model is verified. If there are multiple episodes of productivity peaks, then it is rejected. We find that the Peak Theory is not confirmed and that shale production mainly responds to demand signals. Therefore, the oil production curve is flattened prolonging oil dependency and energy transition. Since the US production is free of geological constraints, then maximum productivity may not ever be reached due to lower demand levels. Past market failures make the US producers more cautious with productivity increases. Our period is between January 2008 and December 2021.

Crisis management research (1985-2020) in the hospitality and tourism industry: A review and research agenda

The global tourism industry has already suffered an enormous loss due to COVID-19 (Coronavirus Disease 2019) in 2020. Crisis management, including disaster management and risk management, has been becoming a hot topic for organisations in the hospitality and tourism industry. This study aims to investigate relevant research domains in the hospitality and tourism industry context. To understand how crisis management practices have been adopted in the industry, the authors reviewed 512 articles including 79 papers on COVID-19, spanning 36 years, between 1985 and 2020. The findings showed that the research focus of crisis management, crisis impact and recovery, as well as risk management, risk perception and disaster management dominated mainstream crisis management research. Look back the past decade (2010 to present), health-related crisis (including COVID-19), social media, political disturbances and terrorism themes are the biggest trends. This paper proposed a new conceptual framework for future research agenda of crisis management in the hospitality and tourism industry. Besides, ten possible further research areas were also suggested in a TCM (theory-context-method) model: the theories of crisis prevention and preparedness, risk communication, crisis management education and training, risk assessment, and crisis events in the contexts of COVID-19, data privacy in hospitality and tourism, political-related crisis events, digital media, and alternative analytical methods and approaches. In addition, specific research questions in these future research areas were also presented in this paper.