"**Global oil extraction of crude oil doubled during the 1950s, and by 1964 crude oil surpassed coal as the world’s most important fossil fuel, but although its output kept on rising, supply remained plentiful and so prices were falling**. In constant (inflation-adjusted) monies, the world oil price was lower in 1950 than it was in 1940, lower in 1960 than in 1950—and lower still in 1970 than in 1960." ([Location 704](https://readwise.io/to_kindle?action=open&asin=B08SGC3TD3&location=704)) --- **Tags** -- [[quotes]], [[fossil-fuels]], [[economies-of-scale]], [[economics]], **Source** -- [[202412030828 - B - How the World Really Works]]