What Happened to Peak Oil?

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Up until Tuesday, oil was crashing down toward $110 a barrel as demand growth estimates have been clipped. So what happened to peak oil? Nothing happened; peak oil should still be a concern.

[…] Now, the real point of peak oil here is not that oil supplies are running out, the sky is falling and the world is coming to an end. Rather, it is an understanding that there will come a time when the ever-increasing global demand for oil will permanently outstrip the supply. What does that mean? Well for starters, it means that oil shocks will not be the result of supplies being artificially constrained by some monopoly like the Seven Sisters, the Texas Railroad Commission or OPEC. Peak oil means that oil producers will simply not be able to cost-effectively pump enough oil out of the ground rapidly enough to meet the rising oil demand.

Seeking Alpha