What is Peak Oil?

Peak Oil is the principle that all oil fields have a plateau in production, after which they start to decline in output. It forecast the decline of Texan oil in the 1970s. When the principle is applied to world oil production as a whole, you see that the whole world will also have a plateau in production, and will then start to decline. Nobody disputes these facts.

The only thing in dispute is when the plateau will come. The most wildly optimistic say the peak will be in the 2040s, and will be a gradual decline after that. The most pessimistic say the peak was actually last year, in 2007. Read the rest of this article and decide for yourself.

Louisville Gas Prices Hold Below $4 by Fingernails

$3.99.9 according to www.louisvillegasprices.com

Oil hits Overnight Record $135/barrel

We're not in Kansas anymore. Breitbart.com via Drudge.

Oil Market in Continuous Contango for First Time - Ever.

Continuous Contango is when future prices of a commodity are higher than present prices. The Oil Drum has the scoop.

IEA set to cut oil-supply forecast

Marketwatch via Louisville Peak Oil List:

SAN FRANCISCO (MarketWatch) -- The Paris-based International Energy Agency is getting ready to issue a sharp downward revision of its oil-supply forecast, according to a published report.

A story in the online edition of the Wall Street Journal early Thursday reported IEA's forecast revision signals growing pessimism about whether oil companies can keep abreast of booming demand.
Read the full story at WSJ.com (Subscription).
The Journal reported the IEA is attempting to assess the condition of the world's top 400 oil fields. Its findings won't be released until November, but it is clear that future crude supplies could be far tighter than previously thought, the report notes.

They're paraphrasing to say that Peak Oil is now. The IEA already admitted that non-OPEC fields had peaked last year. Now they're preparing to say that the world has peaked.

Brace for impact.