Read says:

#3, Lou:

“BTW, I notice that the peak oil weirdos have crawled back under their rock.”

I assume that you accept that planet Earth has a finite supply of oil? Once you accept that the supply is not infinite, then you have to reach a point where you have extracted half and that production goes into decline thereafter.

The US reached its peak oil production in 1973. Presently, some 55 producing countries are producing less than in the past suggesting that they have passed their peak.

“I say it will level out between $20-$30.” Who knows whether oil will dip to that range. It might but whether it does or doesn’t will have nothing to do with the actual geology.

While the long run price of oil will be dictated by peak oil the short run price will be influenced by many other factors. No surprise that oil prices are down in the face of the worst economic crisis since 1929.

MikeN says:

I thought capitalism has failed and European socialism was the answer? Why are their stocks down?