Oil price rebound
Date: Wednesday, August 31 @ 08:18:02 PDT
Topic: Consumption; Demand; Prices
Some alarmists, known as "peak oil" theorists, predict world output will hit its absolute limit soon -- in November, to be exact -- and then begin a steady, unstoppable decline. But pessimists have always been wrong before, and I'd bet a barrel of oil they'll be wrong again. Why? Because aside from dampening demand, high prices have served the other useful function assigned to them by economics textbooks: boosting supply. Oil producers, spurred by the lure of big profits, have been investing like mad in new sources.
The Washington Times
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