Fifty Years of OPEC and the End of Cheap Oil

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Fifty years ago, five countries created an economic consortium to control the price and flow of crude oil: the Organization of Petroleum Exporting Countries. OPEC's birthday comes around the same time that a new paper by a German military think-tank sheds light on how close the world is coming to the potential moment of "Peak Oil."

A new study by Bundeswehr Tranformation Center, a think tank which focuses on the future objectives of the German military, was recently leaked to the German paper Der Spiegel. The paper analyzes how “Peak Oil” would drastically re-shape the geo-political landscape in the next 15 years, adding to the complexity and immediacy of the issues surrounding oil: who gets it, and where it's coming from.  In order to understand the grim prognostications in the paper, it's important to first get a handle on "Peak Oil" and some of the problems scientists and researchers face in determining when it will happen – if it hasn't already.

For that we’re joined by Michael Moyer, the Editor of Scientific American.