The Oil Drum: Fuel Prices As We Go over the Top…?

The first question asked by those hearing about fuel depletion is usually: “How high will prices go?”. The attitude is almost always that one will just have to pay up, as the fuel is essential. This is of course a recipe for extremely high prices, but just how prices will vary as the depletion process unfolds remains to be seen.

We already have an example of a (nearly) isolated market that has definitely gone over the top of production, and that is the North American natural gas market. What else can we learn?

Much more after the jump to The Oil Drum.