[fauigerzigerk]

Exactly. The peak oil theory is trivially true. It just says that oil production will eventually peak. I'm not sure why the author is unable to accept that fact and then just argue about the time frame.

I think the market works well in this case, including the part called speculation. $147 oil and the quick rebound from $30 something to $75 in the middle of the deepest recession since the 1930s should tell us something.

He claims that the oil price will go back to $30 and stay there. That's mad. The new discoveries, like the big one in Brasil, are not viable at that price level. Prices may go back to $30 but we will see new spikes as billions of people in Asia start to consume more and more oil.