Peak oil is dead, we all know that by now. Or is it? Oil prices are certainly not coming down despite years of recession and stagnant demand in OECD countries. According to Gail Tverberg, who runs the blog Our Finite World, prices are so high because oil exporters need ever more money to fund their expenditures. The problem is that oil importers increasingly cannot afford those prices anymore: they are disguising the effect of high oil prices by … [Read more...]
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