Ferdinand E. Banks

From Subprime to Meltdown: Is Peak Oil Responsible?

I gave a talk in the Danish Parliament some years ago, and Doctor Campbell and another gentleman were on the program. They saw the peak taking place in the IMMEDIATE future, while I intimated that they were wrong. And they were wrong, and they may be wrong now, because the important point is not the peak but the price of oil. Oil at $150/b won't work, ladies and gentlemen. Think about it: paying 150 dollars for a crucial resource that on the average might cost less than 10 dollars.

And so, for the time being, the peak is of secondary importance. Moreover, one of my very smart e-mail acquaintences in the US says that it may be the case that that country is not prepared to accept a peak. Maybe so, but I'm curious as to how long they could have accepted a price of $150/b or higher.. Yes, eventually "human ingenuity" will solve the peak oil and high price dilemmas, but does anybody have an approximate date for when "eventually" begins. Thus, maybe it is a good idea to talk to the oil exporters, which is what they proposed about a decade ago, and try to put some sort of production scheme together that will prevent the kind of ugliness that nobody really wants.