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Let's be straightforward: The world's supply of petroleum isn't going to last forever. Just when it will run low is a subject of spirited debate, but there's a growing feeling in the oil industry that it may be sooner rather than later.
For decades, alarmists have been crying wolf with proclamations that the world is running out of oil. Yet every year there seemed to be fresh oil resources extending as far as the eye can see. It's like worrying about the pantry shelf without taking account of what's at the supermarket. Yes, U.S. domestic oil production may have peaked in 1970, say calmer voices, but there are still vast amounts of oil around the globe. Why, ...