Peak Oil?

Many writers attribute the elevated level of oil prices to “peak oil,” that is the notion that we have passed the point where new discoveries can keep up with consumption. Some actual data from BP (hat tip to zero hedge, of course) puts this notion to rest.

The elevated price of oil and other commodities is due to nothing other than the “financialization of everything,” where mispriced (central bank price suppression) credit, speculation and inflation fears drive prices. This bubble is already leaking, and I expect it to deflate rather quickly in coming months.

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