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Oil industry frets about another possible lost decade

Rapid growth in fuel consumption coupled with a sharp downturn in oil drilling around the world indicates the current price level is not sustainable in the medium term.


OIL is an inherently cyclical business. The point is remarkably simple but it is amazing how often it gets forgotten by forecasters and investors.

In the century and a half since the modern oil industry was founded with the drilling of Edwin Drake's well in 1859, real prices