A recent BusinessWeek Article entitled “Endless Oil” rosily highlights various trends and factors that could benefit global oil production in the years ahead and then ends less confidently with: “A nasty oil shock is always possible. But the case for bountiful oil is strong”
Unfortunately the article doesn’t offer any new arguments to support it’s case, instead regurgitating the old ones about better oil extraction technologies, demand side efficiencies / conservation, and new supplies from places like Iraq coming on line. Essentially the same arguments that have been used by this camp over the last decade as oil prices have steadily defied their predictions.
Know matter how you cut it, reality doesn’t care how well you make the case for your predictions.
Oil is moving above it’s 200 day moving average again. It’s 11 year trend is still intact.
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