Considering the End of Affordable Oil(2)

Depending on where your attention is these days, much of the world is preoccupied with war and the economy or the end of popular TV shows. But there has been an intrinsically more interesting story brewing in the popular media during the past few months with analysts, scholars, politicians, and economists beginning to mumble about the world running out of oil. The concept was proposed many years ago and the past two decades have shown that companies were up to the task of finding more oil. But with oil prices at more than $40 per barrel on significantly increased demand, it is a good time to revisit the hypothesis that the world is running out of oil and hence prices are likely to remain above their long-term averages.