[traz]

I thought we were starting to see some peak oil action here in Australia but now I'm hearing that the price of oil has dropped to $70/barrel and that our petrol prices may fall to $1.15/litre by Christmas (currently they are around $1.30/litre but a week or two ago they were up near $1.50/litre). False alarm, or what? *scratches head*

[themallard]

From what I've read the period of a few years before oil production starts down a slide of no return, there will be moderate price fluctuations up and down before the price explodes. I'm sure other people on this board can give a better explanation than I can.

[PenultimateManStanding]

Maybe the market people read this:

$this->bbcode_second_pass_quote('', ' ') But the warm water “fuel” has cooled down. Sea surface temperatures that were abnormally warm in the Atlantic last year are cooler this year. Dr. Roy Spencer, who works at the University of Alabama and does research for NASA, wrote: “A new scientific article now accepted for publication in Geophysical Research Letters shows that the globally averaged upper ocean cooled dramatically between 2003 and 2005, effectively erasing 20% of the warming that occurred over the previous 48 years!” (An online draft is available here.)

[threadbear]

--because peak oil isn't an immediate emergency. The oil companies know it, but a lot of people on this board don't.

[128shot]

Slowing demand I imagine. the price didn't go down all that much...


Its the end of peak driving season around teh world.

if anything drags the oil prices back up it'll be China this winter though. If it gets real nasty...

[smiley]

1) Ernesto is going to miss the Gulf.

2) There is some optimism about the US petroleum status report tomorrow.

3) The driving season is over and the heating oil reserves don't look too bad.

[azreal60]

There's a reason it's called the long emergency. It's cause it takes a long time to develop and it's a long term thing.