Saturday, July 26, 2008

From bubble to peak

The summer oil crisis has itself peaked, and prices are dropping slightly. As we've said before, there's a danger here of people losing their newfound focus on energy, along with the (momentary) relief.

Meanwhile, the Arctic is increasingly seen as an oil bonanza. And American conservatives beat the drum for more local drilling. There's something fascinating in the argument which goes: there is no peak oil, because oil is now expensive enough that sites previously considered too hard to exploit are now revalued as doable.

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