We've been here before. $139.89. Record oil prices. 28 years ago, after the Iranian Revolution, the world suffered an oil price shock that resulted in chronic shortages. How did the world get itself out of the conundrum in 1980? Simple -- it turned the world into Swiss cheese; it drilled the world full of holes, and came up with three large fields: The North Sea, Prudhoe Bay in Alaska and Russian Oil fields.
Today we are in the same position we were in 1980, except there are no major fields left to be brought on-line, and all the aforementioned fields are facing serious depletion.
Oil: Why We're in Trouble - OhmyNews International
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