Attention revives oil myths

09/25/2000
The world now glowers at oil. Prices of crude oil and petroleum products have reached unprecedented levels. Heavily taxed European consumers are protesting in various ways. Newspaper headline-writers have rediscovered the phrase "oil crisis."A complex subject largely absent from public debate since the Persian Gulf crisis of 1990-91 thus reenters the steamy realm of controversy. Celebrity analysts and public officials expound urgently on topics about which they thought little during most of the past decade. The oil industry therefore should prepare to defend itself against a revival of old myths such as these:There's no visible shortage, yet prices are rising; somebody must be cheatin...
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