On NYT Article by Oilman Michael Lynch saying Oil is Plentiful

[Chuck]

Oil was first drilled 150 years ago - NYT has put stories this week on if Peak Oil is real

Gabriel Rotello - HUFFINGTONPOST - Aug 27, 2009

Michael Lynch's history of predictions is not encouraging --Ed.

For those who follow the debate over Peak Oil - the idea that world oil production is peaking or is about to peak, and will then decline with disastrous results for the global economy - this has been a banner year for the Peak Oil side.

First, oil prices spiked to record levels - just when many Peak Oilers predicted they would - and helped stagger the economy. Then prices declined dramatically, as Peak Oilers also predicted, but began skyrocketing again even though demand for oil was off sharply - as they also predicted. Based purely on foresight, the Peak Oil side has been scoring touchdowns left and right.

On top of that, a steady drumbeat of scientists, analysts and industry executives who once pooh-poohed the idea of Peak Oil have been jumping on the bandwagon. ... [Read More]

[Tochatihu]

Perhaps relavant here is a new study on the role of futures trading in oil price volatility:

http://www.bakerinstitute.org/public...ket-082609.pdf

DAS