Oil prices: Are we staring down the barrel?

History has a habit of repeating itself. In fact, economists have been able to make careers out of looking at the past and using historical trends to make predictions about the future.

22nd April, 2006

History has a habit of repeating itself. In fact, economists have been able to make careers out of looking at the past and using historical trends to make predictions about the future. No surprise, then, that events over the past few weeks have stoked talk of an impending global oil crisis.

Those forecasting such an event do indeed have historical parallels to quote: in particular, a quarter of a century ago, almost to the month,...

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