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Statements Re-ignite Peak Oil Debate
The recent run-up in oil prices, to a high of $93 a barrel Monday before retreating, has nothing to do with supply and demand, OPEC says, according to the Daily Telegraph. An “out of control market” driven by hedge fund speculators and instability in places like Iraqi Kurdistan are to blame, the OPEC ministers told reporters.
The question — as it has been for some time — is how truthful these statements are. True, the supply doesn’t seem to be the deciding factor in the price run-up currently, but it remains to be seen how much is left. Some analysts believe the world is at or near “peak oil” — the point when we’ve pumped all the cheap crude available to meet demand, and what’s left comes at greater and greater expense, and a yawning gap between demand and supply emerges.
The recent string of price records has fueled more speculation. OPEC says that isn’t so.
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