Nine years ago The Economist ran a big story on oil, which was then selling for $10 a barrel.
The magazine warned that this might not last. Instead, it suggested, oil might well fall to $5 a barrel.
Last week, oil hit $117.
It’s not just oil that has defied the complacency of a few years back. Food prices have also soared, as have the prices of basic metals. And the global surge in commodity prices is reviving a question we haven’t heard much since the 1970s: Will limited supplies of natural resources pose an obstacle to future world economic growth?
The Latest News: Finite Natural Resources updated minute-by-minute