Abstract
The events of the recent past serve to underscore the cyclical nature of the petroleum business. From the boom years of the 19?0s to the bust years of the 1980s, the oil industry has struggled to adapt to changing circumstances. The condition of stagnation and contraction masked the real long-term investment requirements of the industry and narrowed investment opportunities. All in all, the period wreaked havoc on investment budgets, the industry's most strategic component.
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