1. There is no shortage of oil. No peak oil yet.
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No, peak oil is pretty much here, but it has nothing to do with price. Yes, the constant battle of explaining prices as due to geological forces or monetary will be with us for a while. Lots of moving parts in the issue and people wanting assign blame. But the fact of the matter is we have been on a production plateau since early 2005 with massively fluctuating prices. In a normal market increased prices should increase production. But it did not happen.
The 2008 price spike there was a definite tight market. It’s not quite the same as today.
