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Why Oil Keeps Getting More Abundant
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Why Oil Keeps Getting More Abundant
With gasoline prices back above $4 a gallon, many people are once again asking: Are we running out of oil? At around $90 a barrel, crude oil has climbed 50 percent from its January low of $60. That sounds dramatic, but history provides a useful perspective. The highest annual average oil price was $111.67 in 2012. The real outlier was the 1974 OPEC oil embargo, when crude prices exploded 252 percent in a single year, from $3.29 to $11.58 a barre…
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