asg70 wrote:Won't last forever, but that headline brings back memories.
I like the other titles... "trade war" and "Microsoft on trial". That was in 1999 (20 years ago), and the context was sure different. But we are in the same economical dynamics as today. And when this issue was out, it was 20 years after the beginning of the second oil shock (1979).
An excerpt from the original article:
"That is good news, is it not? For consumers, certainly, especially those in poor countries whose lives will be improved by the warmth, light and mobility that cheaper energy brings. It would be progress, too, to get away from the notion that oil is scarceāan assumption that led to two decades of energy-policy mistakes, such as subsidising coal and nuclear power."
A few years later, the scarcity of oil would reappear before realizing again that it was not as scarce as we thought. Now we subsidise renewables and electric cars, and we try to get away from fossil fuels... not because the fear that they are scarce but because of new fears about Global Warming and pollution.
Oil is an history of booms and busts. But the thing is that nobody is able to forecast the next bust or boom.