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  • Peak Oil: A Reality or a Lie? [View article]
    We have definitely reached peak cheap oil, but we have not reached peak oil. Let the price hover above $100 for a few years and see what happens.

    There will be new supply coming on line from many places including Canada oil sands, offshore west Africa, and Brazil. There will be strong demand destruction in the US (we are very inefficient users of oil). And, there will be some demand destruction in places like Italy and India that use oil to generate electricity because LNG ("liquefied natural gas" for newbies to energy) will become more of a world product. That trend is starting now with several LNG terminals being built around the world. LNG right now is 25% the price of oil in equivalent energy terms.
    Aug 28 09:55 am |Rating: +3 -1 |Link to Comment
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