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DrumBeat: June 16, 2008

Posted on June 16, 2008

The oil era reaches its desperate endgameAn increase in Saudi oil pumping might well have the desired effect of bringing down the price somewhat. But what if it does not fall low enough to ease the pain of the world economy? How long before our political leaders return to Saudi and its Opec allies to plead for more? And what will be the political price extracted for this? What we are seeing in this desperate horse-trading is the endgame of the oil age. Even if we have not yet reached the inevitable moment of peak oil , when production begins its inexorable decline, it is abundantly clear that...

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