Peak Oil is You

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Page added on August 29, 2007

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Peaking Oil Production

Blindsided by Peak Oil

The longer we wait, the worse the consequences will be. I can’t but wonder how many people will be saying over the next decade, “We should have done something about this years ago.”

I’m growing more restless with each passing day. And after the conversations I’ve been having with readers for the past few weeks, it appears that a lot of you are too.

And it’s quotes like this that fuel it . . .

“You cannot convince any (OPEC) member to add more crude to the market because we have enough crude, there’s enough oil in the market, we don’t know what to do with it.” –OPEC Secretary General Abdulla El-Badri.

More oil than we know what to do with? I can’t help but wonder if they would be comfortable with oil prices over $80 or even $90 a barrel.

It was only a few weeks ago that oil broke past $78 a barrel. Since then, prices fell briefly below $70 before rebounding again. Not surprisingly, oil prices are higher than last year, when a barrel of crude cost roughly $66.45. Around this time in 2004, a barrel of oil was only about $39.39.

The next few months are going to be critical.

Energy and Capital

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