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Headline: The end of the era of cheap oil Source: Euromoney Date: November 2000 Author: Jonathan Brown The price of oil is at its highest level for nearly a decade. Since the end of the Gulf War in 1991, the per-barrel price of crude has traded below its historical average of around $20. And it’s no coincidence that during this time the global economy has enjoyed almost unparalleled prosperity. Low energy prices have allowed new-paradigm economists to declare inflation dead. |
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