Up and up and up
The FT seems to featuring quite a lot of Peak Oil related stories, as it continues to become a more mainstream issue (certainly in the ‘market’ anyway). This now, as well as the fundemental issue of supply not meeting demand, is also adding to further pressure which is pushing up the price of oil (currently at US$130 a barrel).
There is one such article here
Veteran traders said they had never seen such a jump and said investors were increasingly betting that oil production would soon peak because of geopolitical and geological constraints.
Neil McMahon, of Sanford Bernstein, said: Peak oil views regardless of whether right or wrong, are seeping into the market and supporting high prices.
You can see some CNBC video discussion here and here.
Newsnight was quite interesting, where the Tories decided to explain how they would fix everything by relying on the growth that will occur because of the start of the next ‘economic cycle’. It’s about 25 Minutes in…
It’s available for the next 6 days (at time of writing).
I think this picture probably sums up the state of British politics when it comes to Peak Oil.
Brown, Cameron and Clegg!

2008 May 21 Gavin