Sunday, November 04, 2007

It's Hard Out Here for a Peak Oil Pimp.

Actually, with $90+ oil, and articles like these, it's not so hard anymore. I used to make a proactive effort to try to explain the concept of peak oil and the possibilities of oil investing at work, in personal conversations, at dinner parties, but I found people were rather blase about the idea, for a variety of reasons. [Though some co-workers did eventually invest and make some nice money. Though at that point it could be more attributed to trend following.]

Now I just blog and generally keep my mouth shut, unless somebody else brings it up.

International Herald Tribune: IEA says oil prices will stay 'very high,' threatening global growth.


The rapidly growing appetite for fossil fuels in China and India is likely to help keep oil prices high for the foreseeable future - threatening a global economic slowdown, a top energy expert said Wednesday.

The unusually stark warning by Fatih Birol, chief economist of the International Energy Agency, about the impact of Asia's emerging giants comes as the agency prepares to issue its influential annual report next week, which will focus on China and India.

In preparing the report, Birol said he had experienced "an earthquake" in his thinking.

"China plus India are going to dominate growth in the oil markets," Birol said during an interview at an oil industry conference. During the past 18 months, he noted, more than two-thirds of the growth in global oil demand came from China and India alone.

Demand for oil in China, he added, would eventually equal the entire supply from Saudi Arabia.