We’re headed for a historic supply-demand gap in oil markets, the size of which has only been seen twice since the mid-nineteenth century, when the oil industry was born. A report this week from the World Bank has set off alarm bells about a coming oil glut that has the potential to seriously disrupt global economics and trade patterns. "Next year, the global oil supply is expected to exceed demand by an average of 1.2 million barrels per day," World Bank stated in its latest Commodity Markets Outlook report. The scale of this oversupply…
