The Peak Oil Crisis: The Quiet Time

On the surface, very little happened during the past week. Hurricane Dean did little damage to oil production and the next major hurricane of the year has yet to form. Oil prices gyrated in the low seventies in response to changing credit crunch news. For a while, Wall Street decided the credit crisis was coming under control and the stock market had some good days.

Beneath the radar screens however, there were a number of developments that could foreshadow important changes in our way of life, much sooner than we would like to think.

Starting with the credit crunch. Should a recession or worse be close at hand, the demand for oil, perhaps even from China, would likely slow and prices would drop