The week started with oil trading at around $69 a barrel on periodic concern that the global recovery was running out of steam. This was helped by a forecast that Continue Reading
By crushing demand, we are in effect gaining two more years, maybe three, in which we in the consuming world have added to our time before the peak, and could take good advantage of, since the peak is right upon us-I have it still at 2015 for all liquids. But, given the way we’re going about it, given the politics, given the direction of the world–like the Chavezs nationalizing all those oil service companies, and the continued Russian attitude–I don’t think that mankind is going to take advantage of those extra two or three years.
“I’m a free-market guy, but the government must step in to stop the [oilprice] speculators!” [Ed. note: can one make a more oxymoronic statement?]
Global oil production peaked in 2008, and I think that as you scale back activity around the world, both because of low prices and the credit crunch, you going to Continue Reading