the market power of the very few oil-producing countries that hold substantial reserves of oil – mostly in the Middle East – would increase rapidly as the oil crisis begins to grip after 2010
Many people think there will be a recovery in a few years' time but it will be a slow recovery and a fragile recovery and we will have the risk that the recovery will be strangled with higher oil prices.
demand after 2010 is expected to exceed dwindling supplies
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I fear that most governments, particularly members of the OECD, will waste time trying to downplay the possible ramifications of declining oil production and to assure the public that everything is under control.
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