In this scenario, time is running out for Saudi Arabia's free-spending royalty and state - and for all the other free-spending oil exporters.
Today James appears as a guest on The Hagmann Report to discuss How & Why Big Oil Conquered The World.
Overnight, following the recent Saudi turmoil, prices in the crude complex jumped to the highest levels in over two years, amid speculation that Saudi Arabia is more likely to back output curbs following this weekend's crackdown by Crown Prince Moh
Oil. The 19th century was transformed by it. The 20th century was shaped by it. And the 21st century is moving beyond it. But who gave birth to the oil industry?