The 1990s vs. Now

Nine years ago I was having a problem with the constant reporting that the world had hit Peak Oil, or was on the verge of it. Reporters were blaming many factors for oil’s soaring price; the large oil reserve discoveries were ending, and third-world countries’ new demand was growing for the quickly shrinking production of crude. Then too, there was the 500-pound gorilla that had entered the room, China. Oil that had gone begging for buyers just six years earlier at $10 a barrel was now selling for nearly five times that amount.

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