The power of trees I am about to do something very dangerous: make a prediction. As Mark Twain said, “prediction is difficult, especially about the future”. You may recall that, in this column back in May 2005, I predicted that oil prices would soon rise to “about US$100 per barrel”. At the time, leading economists were arguing that the existing price (about $50) was clearly unsustainable. They said that Market Forces would ensure that conservation, substitution and increased production would bring the price down to a more reasonable $25. I took the line that Market Forces don’t appear in my list of the physical forces of the universe, and that geology always trumps economics. (no keywords)
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