Peak Oil is You

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Page added on May 1, 2009

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Is this really the start of the oil rebound?

Winter has come late this year for industry. With ship owners mothballing vessels and domestic planes being grounded, companies across the economy are being forced to go into hibernation just as the summer months approach.

The oil industry is doing the same. With oil languishing around $50 a barrel, it no longer makes sense to drag mega-tonne machinery through the Canadian tar sands or sink new drills in the farthest reaches of the ocean. The colossal deepwater drills that were being rented out at $500,000 a day last year are now standing idle.

And just as cranes have disappeared from city skylines, the Mid Western plains are no longer filled with land rigs. In the US, rig counts have declined roughly 50% from their September 2008 peak levels. They

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