Many analysts believe the world s largest oil companies are partly to blame for today s ultra thin supply cushion due to their cautious approach to exploration and production. Chief among the reasons for their tentativeness was the fear of a price collapse that would make more aggressive drilling look foolish in the future. After hovering around $20 a barrel throughout much of the mid 1990s, the price of oil dropped below $11 per barrel in December 1998..
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