The End Of Cheap Oil - Peak Oil Article

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A comprehensive article about the impending peak

in oil output and the subsequent end of cheap oil.

"Their dire predictions were emotional and political reactions; even at the time, oil experts knew that they

had no scientific basis. Just a few years earlier oil explorers had discovered enormous new oil provinces on

the north slope of Alaska and below the North Sea off the coast of Europe. By 1973 the world had consumed,

according to many experts’ best estimates, only about one eighth of its endowment of readily accessible crude

oil (so-called conventional oil). The five Middle Eastern members of the Organization of Petroleum Exporting

Countries (OPEC) were able to hike prices not because oil was growing scarce but because they had managed

to corner 36 percent of the market. Later, when demand sagged, and the flow of fresh Alaskan and North Sea

oil weakened OPEC's economic stranglehold, prices collapsed."

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