What Happened to Peak Oil?

[Nederland]

4. The plunge at the end of 2008

I think rather than postulating the drop in oil prices at the end of 2008 was the result of hitting some sort of demand ceiling, the more likely explanation is that the global financial collapse and subsequent economic recession cause the drop in demand. However, as I said in my post the real problem is viewing oil prices in simplistic terms. Much goes into the price of oil: overall economic health, political stability in key oil producing states, changing supplies as certain sources become profitable after price reaches a certain point, improving technology, etc.