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Ahh here's the thing - the world ran out of "easy oil" in the 70s. The key to the post 70s growth in oil produiction was the "hard to get" oil in the North Sea. Feezing cold, a mile or more down, that oil was very, very hard to get.

So when the burden of new production shifted to "difficult" oil, it resulted in a tipping point - like the 1980s.

See - Mr. Nelder *does* make sense.