ON 1 February 2006, the day after his state of the union address, President George W. Bush was discussing his 2006 agenda with the press when he made one of the most far-reaching statements of his presidency. “America,” he declared, “must end its dependence on oil. When you’re hooked on oil from the Middle East, it means you’ve got an economic security issue and a national security issue.” Whether his remarks signalled a belief that global oil supplies were nearing a peak and would then decline is something for energy historians to argue about. Whatever its basis, it was a…
