A Lesson from Past Energy Crises

After dealing with the very recent history of Moore's law in the previous issue of IEEE Industrial Electronics Magazine, I will jump far back into the past for this issue, taking the opportunity given by a present-world economic event. The recent collapse in oil prices to around US$30/barrel, after it soared in 2008 to peak at US$140/barrel, was welcomed by drivers, airlines, and transportation companies, but it is not beneficial from all points of view. The collapse causes major stresses in the financial world and weakens the awareness of the finiteness of fossil reserves and of the need for switching to renewable nonpolluting resources.