In real terms, consumers today are paying considerably less for gasoline than they did during World War I.
In real terms, consumers today are paying considerably less for gasoline than they did during World War I.
We experienced similiar fears in the 1880s, at the end of World War I and II. And we ran out in the 1970s.
The last time before this time was in the 1970s, when people thought we were going to fall off the oil mountain and live in an age of permanent shortage. Since then, world supplies have increased 60 percent. I don't see why we're at the end of technology now, or why it would be finished now.
I think the producers, for the most part, don't want to see prices skyrocket because that will only create problems for them down the road and would also be a, you know, would be a very serious shock for a world economy that can't afford serious shocks right now.
Everywhere in the world, moving from control to decontrol of prices creates turbulence and also political costs.
This is not the first time that the world has 'run out of oil. It's more like the fifth. Cycles of shortage and surplus characterize the entire history of the oil industry.
If a war started, the oil price probably would go up, as you said, maybe $5, $6 a barrel until you saw other oil from the extra supplies that are available elsewhere coming into the world, into the market.
© 2020 Inspirational Stories
© 2020 Inspirational Stories