The ‘peak oi l’ controversy is staging a come-back as the industry confronts higher costs—and low prices Talking about “peak oil” can feel very last decade. In fact, the question is still current. Petroleum markets are so glutted and prices are so low that most industry commenters think any worry about future oil supplies is pointless. However, the glut and price dip are hardly indications of a healthy industry; instead, they are symptoms of an increasing inability to match production cost, supply, and demand in a way that’s profitable for producers but affordable for society. Is this what peak oil looks like? When prices are high enough to generate profits (which is very high indeed these days), they are also high enough to destroy demand. Aside from forecasts regarding the timing of the inevitable moment when petroleum production would max out (yes, many of those forecasts proved premature), the […]