Control of oil is about who extracts it and what currency they sell it in. There is plenty of oil but we are always told that it is scarce. All of this was esta

Control of oil is about who extracts it and what currency they sell it in. There is plenty of oil but we are always told that it is scarce. All of this was established in the Standard Oil days when there was a glut of oil meaning that nobody could make money at it. The trick was to manage the supply so the price was high. This is not to deny that we are burning the oil at a silly rate to therefore run out. However, the story of scarcity told along the way is not quite what the peak oil believers would have you believe.