Peak Oil Mentioned In Bloomberg Article

Crude Oil and Gasoline Surge on Signs OPEC Won’t Rein in Prices

March 8 (Bloomberg)
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Revised Forecasts

Oil prices will rise through 2008 and stay high thereafter as demand increases and concern mounts that global production is nearing its peak, according to analysts at Lehman Brothers Holdings Inc.

“We are in new historical territory,” Mueller said. “The safety margin that we had in the past just isn’t there anymore. In the past we could always count on the Saudis to make up for the loss of production in, say, Iraq or Nigeria, but that’s no longer the case. The capacity isn’t there and demand has risen more than we thought it would.”

Bloomberg