The Oil Drum | Stories tagged with "rune likvern"

Stories tagged with "rune likvern"

Oil price: where next?

Posted by Euan Mearns on July 24, 2009 - 10:10am in The Oil Drum: Europe
Topic: Economics/Finance
Tags: demand, oil prices, original, phil hart, rune likvern, spike, supply [list all tags]

A reduction in global oil production capacity will mean that higher future oil price will be attained at a lower level of demand than in 2008. Is another oil price spike on the way?

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“This order [i.e. capitalism] is now bound to the technical and economic conditions of machine production which today determine the lives of all the individuals who are born into this mechanism, not only those directly concerned with the economic acquisition, with irresistible force. Perhaps it will so determine them until the last ton of fossilized coal is burnt.”

—Max Weber, 1905