Each day brings fresh statistics purporting to show that the last drops of oil are being swallowed up by unstoppable global demand.
What can we make of all this? Ever since the Iraq war became more than just a gleam in the eyes of the neo-conservatives in the Bush administration, I have been forecasting that oil prices will shoot up towards $40 a barrel. I refer readers to my column in March 2003. Then, nearly all the experts reckoned that the oil price would fall back to below $20 once the Iraq campaign was over.
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