Has peak oil arrived already?

James Hamilton of UCSD offers a slightly technical but enlightening discussion of the recent Cambridge Energy Associates report on oil supply and production. He concludes that wemay have hit the peak, but points out that the "peak" is likely quite different from what various prophets of doom have imagined it to be. It's an enlightening read.

As an aside, the current price of gas (and of oil) has very little to do with whether we've hit the peak. Current prices generally reflect market volatility, rather than real trends. A better idea of long-run trends can be found in the oil futures market.

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