Peak Oil Passnotes: Lull What Lull?

Resource Investor – For the last two years we have seen prices hit their highs for the year around now. Of course there are a variety of reasons. Last year being a special one caused by the double hurricane hit, with Katrina’s devastation of New Orleans having been commemorated this week.

It was Katrina that took 2005’s nervous, edgy market over the $70 threshold for the first time ever, to $70.85 in fact. This year we have seen a relatively benign hurricane season – so far at least – yet just 12 months on from the ravages of the perfect storm we are surprised when oil falls back below $70, even if it is just for a day here or there. It should be another lesson in how far the price of oil has come.
Resource Investor