"What's going on? Increasing world oil reserves, and relatively weak growth in world oil demand, and oil prices have now doubled in the last year? Is this an oil bubble?"
No its not a bubble. Reserves are no good when your tank is empty cos those reserves are in the ground. Some of those reserves are awaiting the technology to be exploited, others are awaiting the limited personnel/equipment/refinery capacity. All these things take time to ramp up meanwhile energy users are demanding more and more.
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