Back in 2003 when the oil price first started to move up through the thirty dollar range  there was already the usual mound of expectation, fretting and badly thought out media coverage. People were telling us a variety of things.

People like Daniel Yergin and Michael Lynch told us it did not matter and they still say basically that now. Yergin said ‘peak oil’ does not exist instead there will be an “undulating plateau” which presumably will never end. Or if it does then Mr Yergin is in fact another ‘peak oil’ person he just does not think it will happen right now.............

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