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Energy special: Surprise—the oil price isn’t higher

A year of extraordinary upheaval has wreaked less damage than it might have done because of new technology, says Dieter Helm

By Dieter Helm   April 2012

Given the number of oil-producing countries in turmoil, and the fact that the world economy is now picking up momentum, why is the oil price not higher?

The possibility of military action against Iran later this year and the threats this may pose to the vital Strait of Hormuz might be expected to lead to panic buying and stock building. To make matters worse, there are still problems in Libya, Iraq is finding it difficult to build up production, and Syria is out of the market. Add the upheaval in Yemen, Nigerian civil unrest, and the damage President Hugo Chávez…

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