A Century Ago, Petroleum - What We

Governments Of Rich Countries Spend Some $6bn Of Tax Money A Year On Disaster Relief And Development Aid Overseas, While Each New Earthquake, Famine Or Tidal Wave Can Attract 1,000 Aid Organisations, From The United Nations Children's Fund And Oxfam To The 'jesus Brigades' Of The American South And Other Charitable Adventurers.

The Use Of Refined Petroleum As Fuel, Which Began In The 1850s, Freed Hundreds Of Millions Of People From The Toil Of Centuries, Gave Hundreds Of Millions More A Life Of Ease And Plenty, And, By Allowing Great Cities To Feed Themselves From Every Corner Of The World, Multiplied The Population Of The Earth Fivefold.

By Pouring Money And Goods Into Devastated Regions, Foreign Aid Workers Sometimes Compound The Disruption And Debauch The Survivors.

Soaring Prices For Crude Oil, Falling Production Surpluses, Wild Speculation In Commodities, A Rush Into The Precious Metals, Turmoil In The Middle East, Assertive Oil Producers: It Is 1973-74 All Over Again, And At Dictation Speed.

Financial Crises Are Like Fireworks: They Illuminate The Sky Even As They Go Pop.