Countdown to 100$ oil – long term vs short term worries

Given the most recent news on the oil markets (restatement of reserves in Kuwait, unrest in Nigeria, tensions over Iran), it is not surprising that prices are coming, again, very close to their record highs (in fact, they are higher than at any time other than in the immediate aftermath of Katrina), but the article discussed below makes a compelling case that, in fact, oil prices do not reflect the underlying worries about peak oil.