The View from the Summit of Hubbert’s Peak – Marshall Auerback

The Organisation of the Petroleum Exporting Countries will try to calm a nervous oil market this week by pledging that it is prepared to meet customer demand by continuing to pump oil above its official quota limits in an effort to cool oil prices, which are trading near record nominal levels of $55 a barrel. All very fine and well, but even OPEC has all but conceded that there is very little they can do to bring oil prices down substantially.