Monday, October 22, 2007
A German study has come to my conclusion, we are already past peak oil. They are even more alarmist, or more knowledgable, in concluding that we may have peaked in many other energy supplies as well. They also have total oil production dropping by 7% a year starting now. Oil prices will continue to go up even more rapidly, although about $30 of the $90 price in dollars now is due to the fall in the dollar value, not the drop in production.