29 Aug '13, 3am

What The Oil Drum Meant

What The Oil Drum Meant

I start with the chart above. It shows, from 1950-2012, world oil production annually (red curve, left scale), and real oil prices annually (blue curve, right scale). I show in green boxes two regions of major disruption, and between them two regions of relatively calm behavior (in white). The orderly region from 1950 to 1973 was characterized by very rapid growth in oil production that was achieved at very modest oil prices (around $20/barrel in 2011 dollars). Then in 1973 came the Arab oil embargo, followed in 1979 by the Iranian revolution and then the Iraq-Iran war. These events caused a series of sharp but relatively short-lived contractions in the global oil supply. The result was huge price increases, and a permanent change in the way the world used oil. After the dust settled in the mid eighties, oil production resumed growing fairly steadily, but never again at th...

Full article: http://www.theoildrum.com/node/10213

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