cynical and disgusted

In Light of Peak Oil, Financial Diversification Is a Bad Idea

What peak oil?

Consider Saudi Arabia is producing well below their maximum achieved rate of 10.5 Million BPD. Iraq is well under their maximum of nearly 4 mbpd.

OPEC in general is below 30 mbpd, down from a peak of nearly 35 mbpd.

Venezuela, Mexico, Norway, England, and Nigeria are all below their maximum production levels.

Iran indicates that they will produce less in the future. Perhaps, Mahmoud and co. know that they have reached a peak, and rather than just admit it and let it drop, they are going to politicize the future reduced output and keep the world thinking that they have more than they do.

Russia recently reported a 1% year on year drop in production. While it may be too early to call that a peak, as the drop is very small, it doesn't bode well.

It is also interesting to note that the US has also hit a peak (a few decades ago). But, we all know that if we just let the oil companies drill a little more that would not have occurred.

Each of these countries has peaked for different reasons; revolution (Nigeria, Iraq), incompetence (Russia, Mexico), environmental wackos (US), just plain wackos (Venezuela), economic choice (Saudi Arabia and Iran) or admittedly running out of oil (England and Norway). The bottom line is it sure is beginning to look a lot like Hubberts peak oil scenario.

Chesapeake Energy: Strong Production Gains Push Stock Near 52-Week High

Perhaps you could have taken a moment to point out that the analysts expectations have historically been low. This trend is still firmly in place.

Last year they made 3.20 and a 15% increase would be 3.68. A further 15% for 2009 leads to 4.23 - a far cry from 3.13.