8
Oil, the Commodity King
Let me tell you something that we Israelis have against Moses. He took us 40 years through the desert in order to bring us to the one spot in the Middle East that has no oil!
—GOLDA MEIR
I MUST CONFESS that this quote isn’t directly relevant to anything I’m about to discuss. But it’s a great quote, and it does suggest the special role that oil plays in the world. After all, Meir wasn’t bemoaning that Moses had brought the Israelis to a spot that lacked peanut butter.
In the pantheon of interrelated commodities that shape our world, oil occupies a special place. It’s the commodity whose relative plenitude or scarcity will most determine whether overall commodity scarcities emerge and how quickly. This is because oil ...
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