A Crude Awakening - The Oil Crash

Oil is king and without it civilization ends as we know it.

Whether there's a crash or not depends on a number of factors, not least the chance of panic buying, we've seen this in the past during fuel shortages. If this happens, food prices will also spike, and the value of currency will crash. It will be a stock market crash, it just depends if it's overnight or over a few years. It's all about demand vs supply, supply is down a bit this year, but that's ok as we're in a recession, and so demand is also down. It won't last, though.

Interesting how people never apply economic principles to subjects they are emotionally attached to.

When the availability of oil goes down, prices go up. This means less people will by oil as the prices go down. THIS MEANS THAT THERE WILL BE NO "OIL CRASH." The process takes much longer to reach completion than, say, a stock market crash. That means the problem solves itself, just like it has with every other resource that has run out and is either replaced by another resource or forgotten.

Oil is a non-renewable resource. Plain and Simple. America is addicted to oil. The only way that our country can truly be free is if America kicks it's oil addiction and stops buying middle eastern oil.

every oil field gets depleted. every well eventually runs dry. This is why it will not always be cheap.

oil is abiotic and therefore renewable - that's why no one is really that aware of or concerned about peak oil .. it's a non issue

that's all b.s. prove it.

the Simple version :You can measure the circumference of the earth , you can calculate its absolute volume, the earth is finite, the resources are finite.
But Peak-oil is not about the last drop it's about the ability to extract enough to meet ever growing world demand.world oil extraction has plateaued since2005 demand is still growing. the two curves; (supplyand demand) are separating farther everyday.

let's face it - there's one congressman concerned about peak oil (out of hundreds) and maybe 5 oil industry types out of tens or hundreds of thousands -- I'd say they're a pretty fringe group and most of them are trying to peddle books !

Thankfully it stayed high in the EU, means we have a few decades worth of technology to lisence to the Americans for efficient cars in the short term and advanced nuclear reactors and ITER in the long run...

Really. If that's the case. How come 150 years ago they had themselves a full on oil collapse with the depletion of whales.

Today, would we even know where to FIND whale-oil, and the price would be extravagant, for just a small vial of the stuff.

150 years from now, Oil may be just as expensive, but we may use some other substance, the concern is that geological oil was easily available, no such replacement exists today.

See 1000 barrels a second.