By JUSTIN LAHART
November 13, 2006; Page C1
Ever since oil prices started falling from their peak levels this summer, investor interest in the idea of peak oil has declined as well.
But peak oil isn’t about the economics of oil but the geology of it. “Price is a very murky window with which to figure out what’s happening with oil supply,” says Ken Deffeyes, a retired Princeton geology professor and leading peak-oil proponent.
Peak-oil theory says that when half of the world’s oil has been pumped out of the ground, oil production is at its peak. A steady ratcheting up of oil prices ensues as demand outpaces supply. When that happens won’t be known for sure until years after the fact. Meantime, demand for oil is running so close to supply, plenty of other things can make for sharp price movements, says Mr. Deffeyes. read more
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