Nine Years Ago, Oil Was Projected to Fall to Five Dollars

April 21, 2008
Nine Years Ago, Oil Was Projected to Fall to Five Dollars

Nine years ago The Economist ran a big story on oil, which was then selling for $10 a barrel. The magazine warned that this might not last. Instead, it suggested, oil might well fall to $5 a barrel.

In any case, The Economist asserted, the world faced “the prospect of cheap, plentiful oil for the foreseeable future."

Last week, oil hit $117.