U.S. commercial crude oil stocks last week hit their highest level since 1931 - when the opening of giant oil fields in the United States coincided with the Great Depression to create an enormous glut and sent prices tumbling to just 13 cents per barrel.
The rush of new discoveries put an end to the peak oil fears which dominated the industry between 1919 and 1922 (“Petroleum Resources of the World” 1920).
But it also caused prices to plunge from $1.88 per barrel in 1926 to just $1.27 in 1929, $1.19 in 1930 and just 65 cents in 1931, according to the BP Statistical Review of World Energy.
Odd how history rhymes.
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