maximax

Really, Really Bad News About Oil

LUCIDONE - your comment smacks of ignorance but feel free to prove me wrong:

"proven untapped reserves in the US that may exceed Saudi reserves" - I heavily doubt that. I mean, they don't. Not conventional reserves. And forget about oil shale. But feel free to name your source(s).

"there will be a delayed ripple effect in China and India which will curb growth. A higher price of oil will also serve to curb growth, since the newly minted middle class of those countries have much less disposable income to absorb oil/gas price shocks." - it seems to be news to you that consumers don't pay market prices for petroleum products in these countries.

"discredited Hubbert's Peak predictions" - Hubbert's predictions were for the US and one of his scenarios initially worked. Nowadays Hubbert's methodology seems simplistic and outdated, but that does not mean oil supply is infinite.

"actually renewable nature of oil" - are you a proponent of the abiogenic oil theory? Or how long do you think it takes for biomass to become oil? For the purposes of mankind, petroleum is not renewable. I have read many downright ludicrous things about oil in reader's comments (and quite a few articles) here on seekingalpha, but this one wins the price.