Oil Supply and Demand
Oil Supply and Demand:
"The notion of a 'coming oil shortage' has been around for decades. I remember the lines at the gas pumps in 1973-74 all too clearly, because I had just gotten my driver's license. The economic wise men of the time made dire predictions. If they had been right, the world's oil supply would have been long gone by now.
Still, the notion persists as strongly as ever in some quarters. A professor at Princeton published a book in 2002 with 'Impending World Oil Shortage' in the title, which was favorably reviewed in all the right places. The price fluctuations over the past year have only fed the beast.
Now, I could give you my opinion of all this, but it's probably better to stick with the facts, to wit: There is no shortage of oil. There will be no shortage of oil. Not now, not next year, not in 50 or 100 years."
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