The reserves of oil are low and price could go over $250/barrel according to analysts. At one time there was plenty of petroleum, but our car craze may have cause us to use up most of planetary reserves. What oil we have left is typically of poor quality and difficult to extract.
Tragically, this means much higher prices for petroleum in the days to come. Because our technology depends on oil for transportation, we could soon grind to a halt. The era of cheap oil is over.
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