Earlier this week the Associated Press grappled with the issue of whether or not the current economic downturn has reached the point that it can be called a depression.
Events are moving faster all the time. Some are highly visible such as the falling stock markets, the steadily rising unemployment numbers and the drumbeat of global gloom and doom emanating from the media.
Someday peak oil will be about high gas prices and lines at the pumps, but for the time being it is mostly about numbers – lots and lots of numbers.
Our wish has been granted for we are indeed living in interesting times. The world’s economy is either collapsing or is putting on a very good imitation of doing so.
If you don’t understand what is going on with the price of gasoline and demand for the world’s oil supply, then join the club.
There is a growing consensus among those who follow such things, that the new high of world oil production (87.9 million barrels a day) reached last July is likely to go down in history as the all-time peak.
For weeks now the stock markets and commodity prices have been falling. Oil is currently trading around $76 a barrel which is close to a 50 percent drop since the middle of July.
For those who aren’t ready to buy into the concept of world oil production going into decline in the next few years, there is a less worrisome subset making the rounds known as “peak oil lite.”
Last week the Saudis called a meeting of oil producers and consumers at Jiddah on the Red Sea for June 22. The immediate reason for the call was a one-day jump of $11 in the price of oil to a new high of nearly $140 a barrel. This increase was […]
The situation is not good. Our average gasoline price just climbed past $4 a gallon and all indications are that it will continue to rise. After Goldman-Sachs made headlines by telling us that oil is going to $150 or maybe $200 a barrel in six months or maybe two years, […]