- Peak oil is a fact: Sure, there’s plenty of oil out there, but we’ll never be able to make any more of it per day than we are right now (approx. 85 million barrels). What’s more, we’ll soon be making a lot less of it, as existing fields get depleted.
- Barring a collapse of the global economy, the sky’s the limit for oil prices–maybe $500 a barrel.
- Given the world’s dependency on oil, a global economic collapse is likely.
- This is a fundamental supply/demand issue, speculators irrelevant (contributes $10-$15, max).
- Oil now dropping to $70? “Keep dreaming.”
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