The North Sea oil barrel, which is a benchmark in Europe, costs now 72$. Its price has continued to fall and has reached a new milestone with OPEC's decision to maintain its production at current levels, contrary to past practice where the offer was reduced to halt the fall in prices. This new situation calls for two observations.
First, this situation contradicts some theories about the depletion of hydrocarbon resources. Oil companies have long supported this approach, drawing on the concept of "peak oil", according to which production would peak and then decline after a certain date that the ...