The End of Cheap Oil

摘要: The End of Cheap Oil In 1973 and 1979 a pair sudden price increases rudely awakened the industrial world to its dependence on cheap crude oil. Prices first tripled in response an Arab embargo then nearly doubled again when Iran dethroned Shah, sending major economies sputtering into recession. Many analysts warned that these crises proved would soon run out Yet they were wrong. Their dire predictions emotional political reactions; even at time, oil experts knew had no scientific basis. Just few years earlier explorers discovered enormous new provinces north slope Alaska below North Sea off coast Europe. By consumed, according many experts’ best estimates, only about one eighth endowment readily accessible (socalled conventional oil). five Middle