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Oil Price

GOM oil after the US peak

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The following graph from Energyfiles shown by Matthew Simmons in a 2007 slide presentation explains the desperate fight for oil after the US peak in 1970

http://www.simmonsco-intl.com/files/UCSB.pdf

1970 US peak oil, together with 1st peak from shallow water

1971 Convertability of US dollar to gold discontinued. Increasing quantities of oil [...]