When people ask me how the current crisis is different from the last one, I usually turn to Simmons. He pointed out that we have not discovered a truly giant oil field (capable of producting more than 1 million barrels per day) since the early 1970s. Back then, we still discoverd more oil than we produced every year, but now we produce twice as much as we discover.
Offshore Angola arguably also qualifies as a new province.
Of course, these two exceptions do not invalidate his point, quite the opposite. In the long run, we're all dead. John Maynard Keynes
