No need to panic about ‘peak oil’ Page added on October 21, 2013 SO MUCH for “peak oil” alarmism, the dire warnings of a looming economic catastrophe when global crude oil production reaches its maximum rate and then starts to decline. Such cries of imminent doom reached a crescendo in 2008, when the oil price hit record levels on soaring demand and restricted supplies, topping out at $145/barrel. But then came the US subprime collapse, closely followed by international banking and sovereign debt crises, a liquidity freeze and global recession. Demand for oil fell back sharply, along with economic growth, taking the pressure off the market and causing the oil price to plunge. Peak oil crisis averted. But for how long, the pessimists cried? Demand may have fallen off temporarily, but the peak oil problem relates to supply; when the world economy starts growing again, consumers regain confidence and […]