The Peak Oil Crisis: A Mid-Summer Review

The world has never been to peak oil before so we may not immediately recognize what we are seeing. A few months back, most knowledgeable people would have said oil at $60 a barrel would have triggered an economic tsunami by now. But surprise! Here we are and it seems to be business as usual in America with company earnings doing well, the stock market setting some new highs, and thanks to great prices, SUVs and pickups are leaping off dealers’ floors and onto America ’s highways.

So far this summer oil prices have been jumping up and down depending on which hurricane is or isn’t threatening which offshore oilfield, the weekly US oil stocks report, and a little “what is happening in China?” thrown in. The International Energy Agency (keeper of the books on the world’s oil supplies and who incidentally haven’t had much of a track record recently) says demand
Falls Church News-Press