Introduction

The price of oil has skyrocketed over the last two years, leaving some companies with record profits, forcing others to raise prices - and leaving consumers feeling more jittery than ever. A growing number of analysts agree that we're about to reach peak output, after which there will be a steady reduction in oil supply, with prices inevitably rising ever upwards. Many experts try to reassure us by pointing out that the developed world is less dependent than it was during the shock days of the 1970s - but can that complacency last? Does an era of high oil prices mean ...