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Gold/Mining/Energy : Peak Oil - Not If but When -- Ignore unavailable to you. Want to Upgrade?

To: Drygulch Dan who wrote (69)	12/29/2010 1:47:28 PM
From: veritas501	Read Replies (1) \| Respond to of 129

I wouldn't put much stock in futures prices beyond the next 2 months. Futures didn't predict the run-up to $147/bbl in 2008. "I wouldn't worry too much about OPEC, as they don't rule the world of oil." It's not a matter of "worrying" about OPEC. The fact is they no longer have enough capacity to meet world demand above approximately 85 million bbls per day. Since Non-OPEC has had flat oil production since 2004 despite rising oil prices, the last hope of growing the world's oil supply to meet demand is now gone.