The Price of Oil in 2015

The Price of Oil in 2015 / Jim O’Neill, former chairman of Goldman Sachs Asset Management and visiting research fellow at Bruegel, the Brussels-based economic think tank, Project Syndicate, 7/01/2015

http://www.project-syndicate.org/commentary/price-of-oil-in-2015-by-jim-o-neill-2015-01

In late 1979, I began work on my PhD thesis, an empirical investigation of the OPEC surplus and its disposal. It was the end of a decade in which oil prices had undergone two dramatic increases, and most of the various geniuses of the day were confidently predicting that they would continue to soar, from under $40 per barrel – a historic high at that time – to above $100. By the time I finished my research in 1982, the price of oil had begun what would become a 20-year plunge. It would not hit $100 per barrel until January 2008…

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