4 min read.Updated: 01 Jan 2015, 12:59 AM ISTJim O'Neill
Oil prices, unlike in the past four years, are likely to finish the year higher than they were when it began
In late 1979, I began work on my PhD thesis, an empirical investigation of the Organization of the Petroleum Exporting Countries surplus and its disposal. It was the end of a decade in which oil prices had undergone two dramatic increases, and most of the various geniuses of the day were confidently predicting that they would continue to soar, from under $40 per barrel—a historic high at that time—to above $100. By the time I finished my research in 1982, the price of oil had begun what would become a 20-year plunge. It would not hit $100 per barrel until January 2008.
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