In March 1999 the cover of The Economist carried the bold headline "Drowning in Oil". In December 1998 the price of Brent crude oil had dipped below $10 per barrel to then lie just over that mark. By October 2003 the situation in the oil market had changed and the Economist now carried the headline "The End of the Oil Age". At that time the price fluctuated around $30 per barrel which was an increase of 200 %. Low prices are usually an indicator of excess supply and high prices are the opposite.... Read on...
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