http://www.nytimes.com/2014/06/09/business/morris-a-adelman-dies-at-96-saw-oil-as-inexhaustible.html?emc=edit_th_20140609&nl=todaysheadlines&nlid=57468033

Morris A. Adelman Dies at 96; Saw Oil as Inexhaustible

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Morris A. Adelman in 1974. Credit Associated Press

Morris A. Adelman, an energy economist who marshaled free-market principles and hard data in arguing that the world’s oil supply was not running out, died May 8 at his home in Newton, Mass. He was 96. The Massachusetts Institute of Technology, where he taught and researched for 65 years, announced the death on May 15.
Dr. Adelman emerged at the center of national energy debates when petroleum prices shot up after the Arab oil embargo of 1973. In 1974, the 13-nation Organization of the Petroleum Exporting Countries raised the price of a barrel of oil to $7 from $2. (Adjusted for inflation, $7 in 1974 would be more than $30 today. On Friday, crude oil was selling for $102 a barrel in the commodities market.)