If you look at some of the graphs that track from the 1990's there was another plateau almost as long as this one. Given major project lead times of 3-6 years I won't be moving from 90% convinced we are post peak to 100% till mid 2009.
Mind you at the point of 100% certainty we are well and truly stuffed.
As many have stated before the time to act was back in the 70's when we were given a preview via a geo-political constraint rather than the physical one that is coming



I think light sweet will cost more and more while the heavy sour may be quite flat as there is not much infrastructure to deal with it, so we may be blocked here.