Hubbert’s Peak already past?
Hubbert’s Peak, Current Events
In the January 2004 Current Events on this web site, I predicted that world oil production would peak on Thanksgiving Day, November 24, 2005. In hindsight, that prediction was in error by three weeks. An update using the 2005 data shows that we passed the peak on December 16, 2005.
I’ve been fascinated by peak oil theory / Hubbert’s Peak since oil hit $40 per barrel. If Kenneth Deffeyes is right AND we either invade or embargo Iran, the superspike will come true sooner rather than later. The inflation that resulted would drive up long term interest rates and the recession would drive down short term rates eliminating the flat or inverted yield curve we have now. The real variable would be how Asian central banks (Japan, China, South Korea) would react.
