For most of the Age of Oil, groups of producers have tried to control its price. From the 1920s, that strategy was co-ordinated by the Railroad Commission of Texas, supported by other US states and federal authorities. Then from the 1970s it was

Sourced through Scoop.it from: www.ft.com

"The idea that supplies of fossil fuels will grow ever tighter as demand increases, pushing prices inexorably higher, has been put on ice, perhaps forever. The lesson of the past decade is that so long as the right technology, capital and legal frameworks are in place, oil and gas will flow. If the world is to shift away from fossil fuels, therefore, governments will need to take deliberate policy actions to make that happen."

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