[Buggy]

Oil briefly hit over ninety dollars a barrel before dropping back down yesterday, but analysts are saying that it will rise well above one hundred dollars a barrel next year on tighter supplies.

That is the report I awoke to this morning on the radio. I then heard it again on another radio station 20 minutes later. I believe radio stations get their news from the AP which means it's main stream. Tight supplies at over one hundred dollars a barrel can only mean what most of us here already knew. "Peak Oil" is several years back the rear view mirror. It is just a bit surreal to finally hear the MSM reporting that supplies will be tighter.

[mos6507]

It's not peak oil until they use the term PEAK OIL, which they aren't. They didn't even use the term much in 2008.

[Buggy]

Interesting thought. However, I would submit that semantics does not determine reality rather only perception of reality. Since even our greatest advocates of Peak Oil shy away from the term these days, you may insert the term of your choice. Since Peak Oil is the name of this site, please forgive me for leaving the name of this thread unchanged.

[vision-master]

It's not peak oil until they use the term PEAK OIL, which they aren't. They didn't even use the term much in 2008.

Same as Depression, 'they' won't use this term.

[Buggy]

"Depression" has been substituted with "Economic Downturn". It sounds fluffier. And for the cornucopians we are experiencing a "Sluggish Recovery". After the 2008 oil price run up "they" blamed speculators rather than supply. The shock value of today's report is they are not reporting that temporary, cyclical supply tightness or speculation caused a recent incremental price increase. Rather they are reporting that much higher prices will be caused by future tight supplies, which is an issue on the supply side, not the investment side. I know they won't say Peak Oil, but I think this is as close semantically as we are going to get.

[vision-master]

Last night on PBS this talking head (energy trader) said the USA can't function with $100 barrel oil. He said it won't happen. lol

[Buggy]

It may not happen. If the market crashes again it could very well drop back down to $30 a barrel. I'm pretty sure Mr. Bernanke is committed to not letting that happen though. However, China no longer buying our debt or the world dumping the greenback as its reserve currency would make $100 a barrel look like the good ol' days.