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Playing seesaw

Without oil the western economies couldn’t have condensed 150 years of economic growth into just two decades. Indeed, without the exponential growth in oil production such spectacular growth could never occur again.

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Breakdown

But by the end of 2018, all oil production was in decline. Even without the lockdowns, we would have had a recession...

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Much ado

Despite economists predicting $200-per-barrel oil by 2010, what actually happened – and what has happened every time since – is that high oil prices caused a major economic shock

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