Actual Article Week 1 - Peak nationalism Jan 3rd 2008 From...

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Peak nationalism Jan 3rd 2008 From  The Economist  print edition Oil keeps getting more expensive—but not  because it is running out NEW YEAR'S EVE has been and gone, but for oilmen, the party continues. On  January 2nd, helped across the line by a New York trader eager for bragging  rights, the first business day of the year, the price of their product topped $100 a  barrel for the first time. Oil is now almost five times more expensive than it was at  the beginning of 2002. It would be natural to assume that ever increasing price reflects ever greater  scarcity. And so it does, in a sense. Booming bits of the world, such as China,  India and the Middle East have seen demand for oil grow with their economies.  Meanwhile, Western oil firms, in particular, are struggling to produce any more of  the stuff than they did two or three years ago. That has left little spare production  capacity and, in America at least, dwindling stocks. Every time a tempest brews 
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