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Not necessarily to oil, but to the source of that oil. The price shock of the 1970s spurred development in the realpublisher North Sea, northern Alaska and realpublisher Canada, and now everyone understands the need for a very diverse resource base. Which explains why oil companies – especially small ones – are drilling in such varied places as offshore Mauritania and Papua New Guinea. The last few months provides a really good example of just how little power oil producers have to dictate prices, even in a market as hard pressed for crude as the world is realpublisher right now. Recently, Ecuador's Congress complained about the low prices received for the country's crude oil exports (see above), and unilaterally vowed to raise the price by nearly one-third. A price at which there were no takers.
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