“A century ago, petroleum - what we call oil - was just an obscure commodity; today it is almost as vital to human existence as water.” HumansTodayWaterExistenceCenturyOilCommodityObscureHuman ExistencePetroleum Author:James Buchan
“Europe and North America, we are told, are less dependent on energy-intensive heavy industry than in the 1960s and 1970s. It seems we squeeze more GDP out of a barrel of oil than in those benighted days.” SeemsAmericaEnergyIndustryEuropeHeavyOilDependent1960sBarrelsNorth AmericaGdp Author:James Buchan
“Soaring prices for crude oil, falling production surpluses, wild speculation in commodities, a rush into the precious metals, turmoil in the Middle East, assertive oil producers: it is 1973-74 all over again, and at dictation speed.” FallMiddleProductionsSpeedOilEastProducersMetalsMiddle EastCommoditySoarSpeculationCrudeTurmoilSurplusAssertiveDictationPrecious MetalCrude Oil Author:James Buchan
“There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.” LongRunningAgeThreeCompanyCenturyIndustrySellsWesternAverageOilSellingBirthdayLong Runs20th CenturyThree TimesInflationCrudeBarrels60th BirthdayOil CompaniesPetroleumZenithCrude OilSelling More Author:James Buchan
“Life without oil, in fact, would be so different that it is frightening to contemplate. We are addicted, and it is no comfortable addiction.” DifferentFactsWould BeComfortableAddictionOilContemplatingFrightening Author:James Buchan
