Fluctuation in oil prices over the years due to supply and demand market mechanisms is a common phenomenon; however there were instances whereby the oil prices changed rapidly due to reasons beyond supply and demand principles. One major noticeable price hike was experienced in the early 1970’s. The reason behind this rapid increase was the Club of Rome Report. The report, entitled ‘Limits to Growth’, examined the predicament of mankind. Its conclusions were stunning. It was published in 30 languages and sold over 30 million copies. According to the report the world would eventually run out of many key resources. The depletion of resources would be the ultimate predicament of mankind. In the 1970’s the Club of Rome wrote that the world would run out of oil during the next 3-4 decades.

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