Gee, maybe Peak Oil isn't a myth after all

World oil exports DROP in the face of a 57% price rise:

http://online.wsj.com/article/SB121200725158327151.html?mod=hps_us_whats_news 

Comments:

Of course, the market isn't exactly free. Some producers are hemmed in by artificial limitations on exploration and production, and others have no need to increase production when price increases mean tremendous revenue and earnings increases at zero marginal investment. And to top it off the tenfold price increase in oil since its bottom comes after oil spent a \*long\* time at the bottom, during which time there was not enough money to explore. So it's not clear whether this is \*the\* peak or \*a\* peak.

Posted by Nico on May 29, 2008 at 02:13 AM PDT #

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