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Unformatted text preview: nment at the University of
Oxford and former chief scientific adviser to the U.K. government. "The global economy is severely knocked by oil prices of $100 per barrel or
more, creating economic downturn and preventing economic recovery." Nor do King and his co-author, oceanographer James Murray of the
University of Washington in Seattle, hold out much hope for future discoveries. "The geologists know where the source rocks are and where the
trap structures are," Murray notes. "If there was a prospect for a new giant oil field, I think it would have been found." King
and Murray based their conclusion on an analysis of oil data from the U.S. Energy Information Administration. Looking at use and production
trends, the two note that since 2005 production has remained essentially unchanged whereas prices (a surrogate for demand) have fluctuated
wildly. This suggests to the authors that there is no longer any spare capacity to respond to increases in demand, whether it
results from politi...
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