Over time the predominant metaphor for picturing the world oil market shifted from those little barrels of crude to what Yale energy economist Bill Nordhaus calls the "Global Bathtub of Oil.". Nordhaus tracked world oil prices over two decades, and found the global price for a barrel of crude tends to be the same whether the oil is from Saudi Arabia or Scotland. According to bathtub theory, no one supplier can completely disrupt the oil market, and the more oil that goes in bathtub, the better energy security is for everyone - including Americans. "Doing so would enrich oil companies by enabling them to sell their oil at the higher world price, but it could increase domestic gasoline prices and reduce our energy security."
Source: NPR
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