The United States is awash in shale oil. Iran, once OPEC’s second-largest producer, is slowly ramping up production. Oil consumption in the Western world has been flat since the 2008 financial crisis. The “peak oil” theory has pretty much vanished, along with The Oil Drum, the bible of peak oil believers. Rest in peace. Or turn in your grave – because the price of oil tell a different story. On the New York Mercantile Exchange, crude oil futures are up 13 percent over one year. Since 2009, they have climbed every year except 2012. In Europe, the Brent crude futures are flat for the year after rising three years in a row. Brent, the de facto global benchmark, trades at about $113 (U.S.) a barrel. West Texas Intermediate, the North American benchmark, is at $106. For the sake of argument, let’s say the world is valuing oil at $110. […]