This article will explore events in the oil markets since then, and in the next I’ll take a look towards the future.
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Early last year the oil price lay close to historic highs at almost $100 a barrel.
Supply was tight, I said, and getting tighter. Prices could fall to $60 later in the year if the credit crunch really bit. But long term, the trend was clearly upwards. And a world of $100, $200, $400 oil prices was not that far away.
Play: Radio Luxembourg 208 Great Britain 208 — that was the number of radio, back then.
And as the spring daylight faded behind the bedroom curtains, the hour would finally come for the first hesitantly crackly sounds to arrive across a cooling atmosphere.
With a single earphone invisibly in place, and my tiny transistor hidden deep beneath the covers, I could be happily in bed at bedtime and yet secretly lie wide awake through an entire chart show still to come.
Nightfall was moving slowly northwestwards across another summer evening. And Planet Earth’s biggest commercial radio station was playing with 1.3 million watts of power, bringing rock music to my ear from half a continent away. Continue reading →