Oil Supply as a Strategic Risk – NYTimes.com
Concerns about the climate have not inspired a lot of action lately on global energy policy. Now two professors are arguing that supply concerns and rising oil prices ought to be enough to get governments moving, even if the climate does not.In an opinion piece released on Wednesday by the journal Nature, James Murray of the University of Washington and David King of the University of Oxford point out that global oil production appeared to hit a cap of about 75 million barrels a day in 2005. Since then, they note, small supply bumps have caused big price gyrations, yet even when prices spike above $100 a barrel, supply appears incapable of rising to meet the demand.
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