There's certainly quite a bit of variability implicit here, not the least of which is there was no way to predict some of the tricks played by the central banks to issue credit and maintain liquidity through the system. Steve never claimed perfection in his modeling. The point though is that most of the folks making peak oil claims focused far too much of the supply side without taking into account credit flow to the demand side of the equation. Over the long term this has had the result that oil never could climb to the stratospheric prices of $200-300 bbl many of the pundits predicted. With a range bound commodity, there's no incentive to search for or pump the really expensive oil. For the most part, it will just stay in the ground.
RE
Europe's Economic Collapse
Started by RE Dec 26, 2025, 11:19 PM
Message path : / Politics / American Imperialism / Europe's Economic Collapse #14
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