A century ago, petroleum – what we call oil – was just an obscure commodity; today it is almost as vital to human existence as water.
James Buchan
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Losing your capital is like losing your trousers. It is a real humiliation, and one not to be soon repeated.
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Europe and North America, we are told, are less dependent on energy-intensive heavy industry than in the 1960s and 1970s. It seems we squeeze more GDP out of a barrel of oil than in those benighted days.
- James Buchan -