Oil prices in recent times rose dizzyingly to all-time highs. In an intuitive way, the experience seemed to many to validate the notion of Peak-Oil. Then along came the credit-crunch and the global-financial-crisis, and oil prices have plunged dramatically. Does that mean Peak Oil is no longer a problem?
Well no. Peak oil is a consequence of geological realities, and oil prices are a manifestation of market forces. In themselves, rising oil prices didn’t ‘prove Peak Oil’ and falling oil prices don’t ‘disprove Peak Oil’.