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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 expertsí 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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