Fig. 3.. (a) A scatter plot showing a distinct change in the relationship between oil production and oil prices over the last 12 years, from Murray and King (2012). This is interpreted as an indicator that, after 2005, production was no longer able to match rising demand, which is reflected by higher and more variable prices. (b) A 20-yr time series of the annual oil production, purple line right axis, from (http://www.indexmundi.com). The rest of the plots are commodity indexes for food (yellow-green), fuel (red), composite commodities (blue), http://www.indexmundi.com/commodities/.

Fig. 3