Earlier fears of shortage, at the beginning of the 1920s, in the mid-1940s, had ended in surplus and glut because rising prices had stimulated new technology and the development of new areas. The pattern was to be repeated with thirty-four-dollar-a-barrel oil and the expectation of still-higher prices. Huge new developments were taking place outside OPEC. The major buildup of production in Mexico, Alaska, and the North Sea coincided with the turmoil of the Second Oil Shock. Egypt was also becoming a significant exporter. So were Malaysia, Angola, and China. Many other countries became
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