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.
The author, James Buchan, suggests that the age of petroleum has reached its peak and is now in decline. He notes that the price of oil has increased significantly when adjusted for inflation, and that the large oil companies are now selling more oil than they are producing.
The quote highlights the changing dynamics of the oil industry and the potential consequences of this shift.
The quote provides insight into the historical context of the oil industry, specifically the rise and fall of the large western oil companies.
James Buchan is a renowned author and historian, known for his insightful and thought-provoking writings on various topics, including economics and politics.
The quote's implications for the oil industry and the global economy are significant, and it may be useful for policymakers and business leaders to consider the potential consequences of this shift.