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As this column goes to press, the world oil price is well north of $70 a barrel, a long way from the nadir of $30 a mere 30 months ago. So the oil forecaster’s parlor game is again in full swing.

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The Bank of Japan (BOJ), Japan's central bank, bowed to government pressure this week by adopting a 2% inflation target and accepting responsibility for achieving that goal "as early as possible."

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An oil well is a boring in the Earth that is designed to bring petroleum oil hydrocarbons to the surface. Usually some natural gas is released along with the oil. A well that is designed to produce only gas may be termed a gas well .

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