Is Oil Nearing Its Peak?

Fighting through the noise in the oil industry can be a challenge for investors. Every time prices increase, the industry is exposed to a chorus of Chicken Little pundits, all crying “The end is near! The world is running out of oil!” In the past, when oil prices went up, the reward for increased production was irresistible, because there was always spare capacity. OPEC opened the spigot, Venezuela cheated on their quotas, and all the stripper wells in Oklahoma returned to service. Increased production caused prices to plummet, and we went back to driving our SUVs. It happened in 1990, and before that in 1980, and before that in 1973. After two years of dramatic price increases, are we at the top of another cycle, or are we approaching “peak oil”?
The Motley Fool