The opening years of the 21st century are marked by milestones in the world of oil: the war in Iraq, the Shell reserves downgrade, Hurricane Katrina, and the breaking of the once unthinkable $100 per barrel barrier. Many have seized on these events as evidence that we are crossing the threshold of ‘peak oil’. Behind us, a century and a half of abundant, cheap oil that fuelled industrial civilization and brought unparalleled prosperity to a fortunate global minority.
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