There is no sign of peak oil occurring next year. Why? Read what the article says about OPEC production.
“OPEC spare capacity and inventories should be two key indicators for pricing,” said Adam Sieminski, chief energy economist at Deutsche Bank AG in Washington, who predicts WTI will average $70 in the fourth quarter and $85 in 2011. “Spare capacity and inventories are telling me that oil should trade in the $70-to-$80 range, which is where the Saudis want it.”
Total U.S. petroleum supplies, including crude and oil products, climbed to 1.14 billion barrels in the week ended Sept. 17, the most since at least 1990, according to the Energy Department.
Scary stuff indeed.