Peak Oil tells us that once half the world's oil is used, prices rise. But in recent years significant oil stocks have been found and developed.
This, the oil companies tell us, shows that technology and human ingenuity will keep discovering new supplies and the peak will never come. By the time supplies are low, way off in the future, we'll be using renewables, nuclear, maybe even fusion.
What they don't mention is the cost of these new stocks. How all the easy to find oil has gone and what is left resides in deep seawater wells or trapped within shale. How it will cost much, much more to exploit, pushing prices up. Just like Peak Oil theorists predicted.
So don't get too attached to long haul flights and cheap imports. Because Peak Oil is back.http://www.marketoracle.co.uk/Article39690.html