By – Sarah Emerson*

The history of global oil markets can be characterized by a division into four key phases:

1) The emergence of market forces...which led to...

2) Low prices and low investment… which led to...

3) High prices and resource scarcity… which recently gave way to...

4) Low prices and resource plenty.

We may now be on the verge of a fifth period which threatens to take the form of a turn away from the transparent, efficient, deregulated global oil...