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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End? -- Ignore unavailable to you. Want to Upgrade?

To: Doug R who wrote (873)	8/22/2005 10:17:43 PM
From: kryptonic6	Read Replies (2) \| Respond to of 1183

"...light sweet crude oil has peaked globally." I read this earlier Doug - very scary. I am now leaning more towards Matt Simmon's (and several other experts') opinion that we may see an extreme shock by Q4 2005 and Q1 2006 (i.e. $3-4/gallon or more). I think the fact that the current price hike has been sustained for several weeks now is very telling. This spring, I told friends that gas would be over $2.50 this summer but even I never expected to see $2.86/gallon in my own town (Ann Arbor). This has progressed faster than I expected. I am reminded of the CNN graphic a couple weeks ago that showed that global demand had outstripped supply and I can only wonder how fast a critical shortage will develop. It appears that the past forecasts of a several million barrel shortfall by Q4 may be dead on. I am interested in your opinion. Jesse P.S. I also got my hands on a copy of 'Twilight in the Desert' and was very impressed with the 80 pages or so that I read (mostly towards the end of the book). Simmons makes a compelling argument that Saudi Arabian production decline (Ghawar and the rest of the big five) will experience speedy and catastrophic collapse (rather than slow decline). Did you get a chance to read this yet?