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View Diary: Peak oil and peak silliness (111 comments)

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  •  I Partly Agree... (0+ / 0-)

    ...but again, we're talking about a big system here--basically, the entire world economy.  Global oil production has been up and down since 2005, and is only a few percent higher now than then.  Meanwhile, oil prices have continued to stymie most beginnings at economic recovery since 2008, and prices remain around $100.  There is little doubt that, if oil were available at $50/barrel, there would be ample market.  But oil is not available in sufficient quantity to justify that much of a price cut.  In other words, price is by and large well-adjusted to demand.  And price over the last decade has increased fourfold, while production has ticked up only incrementally.  So yes, scarcity is increasingly upon us.  Why do you think China is becoming so belligerent over the Senkaku Islands and the South China Sea?

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