Oil prices began this week with a jump following the latest flare-up of hostilities in the Middle East, this time between Iran and Israel. This is worse news for the global economy than it would have been a month ago. The world’s oil reserves are starting to run dry, and nothing is replenishing them. Warnings are multiplying that the world is facing an unprecedented squeeze on oil supplies, and prices are about to surge much higher. The latest to join the growing chorus of warnings were Chevron and Exxon, adding to earlier alarm bell-ringing…

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