[Armageddon]

Why do people continually say that peak oil is when demand outstrips supply ? Peak oil is when the earth reaches a point when it can no longer increase production, then hits a plateau, then starts to decline. It has nothing to do with supply and demand. I am sure it is true what eventually the demand will outstrip the supply ( maybe now since the inventories are decreasing ), and it may be true that it is happening at the same time as peak oil, but it still doesn't mean it's the rule. Demand can outstrip supply with an increasing supply.

[I_Like_Plants]

Indeed.

In fact read about the history of "rock oil" when it was first being put into barrels and sold, it went for something like the equivalent of $400/bbl at the very first. Price quickly came down, but for a short while there an economist would say demand outstripped supply.

[Armageddon]

demand outstripping supply = economics

peak oil = geology

[Geko45]

I hear ya. It bugs me too when people try to redefine "Peak Oil" to something other than the point of maximum production. They do it because they are trying to make an important point, but I think it just muddles the whole theory for those neophytes on the outside looking in. If you mean 50% of Qt then say so. If you mean peak available exports then say that. Same goes for peak EROEI. These are all important concepts, but they are not the same. Peak Oil is the point at which we are producing at the highest rate we will ever achieve due to geological constraints.