The recent slide in oil prices only serves to accelerate the longer term problems with peak oil. Demand destruction as is common place lately is a myth and according to the latest AEIA report supply depletion is now 9.1%. The financial crisis only serves to accelerate the supply destruction as many projects re now uneconomic and capital is almost impossible to raise right now. Many projects will go bankrupt or fail to get off the ground. With no major oil field discovered in the last 37 years we now need to find the equivalent of 5 Saudi Arabias in the next 10 years, a very unlikely event!