Outside of memorial weekend around the corner.. Y has it jumped over over 20cents in the last 2 weeks.
First i saw 2.05. I was like that's straight.. Now I'm seeing 2.20+
Well I've been of the opinion for a few years now that peak oil MIGHT be true. A few things are not disputable. The industries own statistics show that discoveries have been trending down for at least 2 decades and the last super oil field was discovered about 15 years ago. Production has plateaued. Most of the worlds big oil field are in decline and many are in sharp decline and what's more history shows that most oil fields follow a predictable pattern as they age. Some argue that a lot of this has to do with the hampering of the free market by environmentalists but that is not the case in Asia or Africa or South America. If my pet theory is right, and I'm not saying it is, the worldwide recession gave oil production some leeway but now that peak oil is getting worse not even that can keep prices down. Of course some or a lot of the price rises in the future will be because of inflation, but if oil prices rise much more than other prices then obviously it is peak oil.
Time will tell but all I know is nobody who is saying there is not such thing as peak oil give good reasons why not, because they don't address steadily declining discoveries or most of the worlds largest oilfields being in decline.