Quote by James Buchan

There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.

There are signs that the age of petroleum has passed its zen

Summary

This quote suggests that the era of reliance on petroleum is declining. The price of crude oil, when adjusted for inflation, is three times higher than its historical average. Additionally, major Western oil companies, which historically dominated the industry, are facing a dilemma as they are selling more oil than they can discover, indicating a diminishing supply. This predicament may lead to the eventual demise or transformation of these companies. Overall, the quote implies that petroleum's prominence is waning, potentially signaling the need for alternative sources of energy.

Topics

Age

By James Buchan

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