Our economic perturbations become more bizarre every day.
A few years back peak oil all seemed so simple.
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.
A few years ago, peak oil was relatively easy to understand. At some point in the future, and estimates varied as to exactly when, oil production was going to start declining due to a combination of geologic and geopolitical factors, prices were going to rise precipitously and a massive civilization-wrenching […]
We are having an election for Governor in Virginia this year and, as could be expected, inboxes and mail slots are already filling with messages from the candidates.
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.
Thus far, last week’s OPEC production cut of 1.5 million barrels a day (b/d) has done little to stem the slide in oil prices.