Peak Oil Passnotes: Work Those OPECs!

It is amazing how the march of time dulls the minds of people who are otherwise extremely smart, and OPEC ministers too. Each year over the past three years, 2004, 2005, 2006 and now 2007 we have seen prices top their current range in the third and fourth quarters of the year. This year has proved no exception with NYMEX crude oil hitting $99.11 in trading last week.

In 2004, OPEC still thought that we would return to its $22 – $28 per barrel price range; at least that is what it said it thought. In reality OPEC probably did not have a clue which way the oil price would go, it just said that for political reasons, and today is much the same.


Once again OPEC says crude should return to more normal levels, with its blame placed on the shoulders of