- Top Features:
- War Room
- Glenn Greenwald
- Broadsheet
- Joan Walsh
- Camille Paglia
- Since You Asked
- Follow Salon:
Read other letters about this article
Before the demand destruction brought on by the world recession, oil production was barely running ahead of consumption and any little potential disruption in the supply was causing huge price swings. The fact is that the production of oil seems to be either very close to or at peak, and demand for oil (in a growing world economy at least) is very close to what we are physically able to extract. Once we permanently reach the point where supply is no longer able to exceed demand, the price of oil will rise and never look back.
I recommend people take 17 minutes or so needed to get through this segment on peak oil: http://www.chrismartenson.com/crashcourse/chapter-17a-peak-oil (or click my sig.)
