This was utterly predictable. I have a two volume set on the history of oil production from the API. One thing that is clear is that technology has ALWAYS kept ahead of depletion. An that yesterdays unconventional oil become todays supply.
A good post from Watts Up With That.
Peak Oil Isn’t What it Used to Be
The key figures were a 1 million barrel-day increase in worldwide oil supply during March to an 95.2 million barrels a day, and a 1.1 million barrel a day increase in demand to 93.6 million barrels a day.
As everyone knows when supply exceeds demand there is downward pressure on price which is exactly what’s happening to oil… __ Tim Treadgold
Oil Profits and Losses
With oil prices still down about 50 percent since June, the global economy is benefitting. The IMF estimated in December that the price crash could boost GDP worldwide by 0.7 percent.
“I believe we are in an era of lower oil prices in the medium term and also in the longer term,” Michael Liebreich, founder of BNEF, said in a presentation at the group’s annual summit on Tuesday. __ Bloomberg by Tom Randall
View original post 465 more words