In some ways civilization is a machine powered by petroleum. But crude oil and its companion, natural gas, do more than fuel cars, heat homes and pave streets.
Oil is the pesticide protecting an Illinois cornfield and the helmet protecting a bicyclist’s head. Oil powers model airplanes and 747s. Oil is the carpet on the floor and the paint on the wall.
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Petroleum prices have reached record highs this year, driven up by political unrest in the Third World and an insatiable thirst in China and the U.S.
Expensive oil infiltrates all sectors of the economy, a kind of tax with the power to undermine growth.
Industry analysts say petroleum prices may rise, fall, or simply stay where they are now.
But few expect a return to the time when oil was cheap.