by Shaun Chamberlin on June 9th, 2008
The old standby argument of the so-called ‘peak oil sceptics’ was that if we really were facing geological limits to oil extraction rates then prices would be rising rapidly. Since prices were relatively stable there was clearly no impending problem. And anyway, if prices started rising (to, say, $70 a barrel) that would stimulate much increased exploration and production and bring prices back down again. So go back to sleep and don’t let the peak oil lunatics disturb your slumbers.
Now of course, prices are indeed rocketing ($138 a barrel today, a more-than-100% increase in the past year), so have they changed their tune? Read more »