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It's not 1971, but 1973, and we know what happened, the OPEC: https://en.wikipedia.org/wiki/1973_oil_crisis https://en.wikipedia.org/wiki/1973_oil_crisis Peak

It's not 1971, but 1973, and we know what happened, the OPEC: https://en.wikipedia.org/wiki/1973_oil_crisis https://en.wikipedia.org/wiki/1973_oil_crisis Peak oil doesn't mean that there is not more oil, but the point in time where it doesn't make economic sense to extract it, or because demand has fallen or because all the easy oil has been extracted. Some people think that was in 2005. I have been reading about that concept a little lately and some serious people are saying that the oil companies investment have been fallen and, if that trend don't reverse, we will see a fall in production of 50% by 2025. That sounds pretty incredible to me, but the economic consequences would be very serious. https://en.wikipedia.org/wiki/Peak_oil https://en.wikipedia.org/wiki/Peak_oil

syshum 5y ago
What happened in 1971 is more than just that single year but 1971 was the start of a major shift in world economics that included the formation of OPEC I would also be surprised if many people even know what OPEC is beyond the simplistic narration seen on the news when OPEC raises or lowers production As to your final point about reduced investment in oil, this is really a shock? The US and US Allies are all demonizing Oil as the greatest threat to world, as the source of all the worlds problems, so much so that many top financial firms have pledged to reduce or eliminate all loans that go to oil production or refinement, in addition to scaring the population into making them to be Public Enemy number 1 more so than evil Tobacco or even Terrorist. And you are shocked that investors want dont want to dump money into a market that every government is trying to kill? Really?