Fog of War Obscures Way Ahead for Black Gold

The Herald – Forget $76 or $78 a barrel. More and more players in the oil business are resigned to facing the $100 barrel before long. Others talk openly of the $200 – or even the $300 – barrel. But war and global conflict are not regarded as the main drivers in this seemingly inexorable price surge.

The problem lies with the finite nature of the oil itself. We are, they tell us, in the era of peak oil. In other words, we are nearing the moment when there is less oil still to be discovered anywhere on our planet than we have already found and exploited.
The Herald