Today, BP released its statistical energy review for 2014.
Among the highlights:
- Energy consumption accelerated despite sluggish economic growth
- Coal was the world’s fastest-growing energy source, thanks to China and India
- Average oil prices exceeded $US100 per barrel for a third consecutive year, despite massive supply growth in the US.
But our favourite chart is here: It shows the price of oil every year since Abraham Lincoln became president. It’s annotated with major oil shock events — though the first major event cited, the oil gusher in Titusville, Pennsylvania is slightly misleading. That in itself did not cause markets to surge, but rather a host of factors including the Civil War and the changing face of transport in America.
Check it out: