Oil’s Above–Ground Problems
It used to be that the main concern about oil was finding enough of it in the ground to meet world demand. Since at least 1914, experts have been warning that the world’s oil supply is nearly tapped out.1 Although there is a school of thought that continues to insist that we’re still right around the corner from the last drop of oil, its adherents are in the minority. Most experts believe there is still plenty of oil in the ground. So why then have we seen the price of a barrel of oil double since 2004?2 Don’t blame it…