2001 January 78,181
2001 February 78,053
2001 March 78,765
2001 April 77,766
2001 May 77,264
2001 June 75,867
2001 July 77,866
2001 August 78,106
2001 September 77,626
2001 October 77,577
2001 November 77,864
2001 December 77,257
2002 January 76,395
2002 February 76,521
2002 March 76,314
2002 April 75,878
2002 May 76,724
2002 June 76,527
2002 July 76,995
2002 August 76,796
2002 September 77,336
2002 October 78,764

Peak Oil - Believe it or Not?
Our societal infrastructure was built with and expected to continue on cheap liquid fuels. This fixed infrastructure coupled with a pretty much insatiable human demand drive for energy services may result in a once-in-a-species crisis if our planetary resource and ecosystems can no longer keep pace. But Peak Oil ultimately is not about geology or technology. At its core it is a human problem. Our collective cognitive belief systems and the resulting behaviours they engender will play pivotal roles in our failure or success in mitigating and adapting to the vast challenges of both Peak Oil and Climate Change.
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Peak oil will be the central focus of all our problems within 5 years. Slowly but surely everyone will wake up and see that this is THE issue that is most important to our way of life. If I'm wrong I'll eat my hat and give everyone on ATS a free tank of gas.

The reality is that within 5 years it's likely to be closer to $300 a barrel. Perhaps then reality will sink in.

YouTube Link

Originally posted by mel1962
Here is some further evidence that peak may have happened in July 2006,
Crude Oil Production by Selected Country

It also appears that consumption has gone down from last year, no doubt a lack of supply?
Petroleum Consumption in OECD Countries

Originally posted by g210b

That's even better:

www.youtube.com...
talk about 300 dollars a barrel

the news reporter: "could it happen here?"
he: "sure"
she again: "300 dollars !?!?" and with a pricless look!
lol

On November 13, 2001, President George W. Bush announced that the SPR would be filled, saying, "The Strategic Petroleum Reserve is an important element of our Nation's energy security. To maximize long-term protection against oil supply disruptions, I am directing...the Secretary of Energy to fill the SPR up to its 700 million barrel [111,000,000 m³] capacity."[1] The highest prior level was reached in 1994 with 592 million barrels (94 million m³). At the time of President Bush's directive, the SPR contained about 545 million barrels (87 million m³). Since the directive in 2001, the capacity of the SPR increased by 27 million barrels (4.3 million m³) due to natural enlargement of the salt caverns in which the reserves are stored. The Energy Policy Act of 2005 has since directed the Secretary of Energy to fill the SPR to the full 1 billion barrel authorized capacity, a process which will require a physical expansion of the Reserve's facilities.

On August 17, 2005, the SPR reached its goal of 700 million barrels (111,000,000 m³), or about 96% of its now-increased 727 million barrel capacity. Approximately 60% of the crude oil in the reserve is the less desirable sour (high sulfur content) variety. The oil delivered to the reserve is "royalty-in-kind" oil—royalties owed to the U.S. government by operators who acquire leases on the federally owned Outer Continental Shelf in the Gulf of Mexico. These royalties were previously collected as cash, but in 1998 the government began testing the effectiveness of collecting royalties "in kind" - or in other words, acquiring the crude oil itself. This mechanism was adopted when refilling the SPR began, and once filling is completed, revenues from the sale of future royalties will be paid into the Federal treasury.

On January 23, 2007, President George W. Bush suggested in his state of the union speech that congress should approve expansion of the current reserve capacity to twice its current level.

en.wikipedia.org...

The recent doubling of prices, Lynch argues, was set in motion four years ago; the 2002 strike by Venezuelan oil workers has kept 1 million or so barrels per day off that country's output of 3.25 million bpd. The subsequent application of socialist economics to the Venezuelan fields has done little to bring that volume back.

The trouble in Venezuela was followed by the U.S. invasion of Iraq, resulting in another 1 million bpd reduction to an average 2 million. In 2004 China sent out petroripples by pushing up its consumption by nearly 1 million bpd to 7.4 million. Add in the unrest in Nigeria, which knocked another 500,000 bpd off-line, and the world suddenly had 4% less oil than it expected. By mid-2005 every producer except Saudi Arabia was pumping flat out. The Saudis had 1.5 million bpd of spare production capacity--oil spigots on standby--and it was less desirable heavy crude. The spot markets reflected the unease as traders braced for the next disaster. They got it in hurricanes Katrina and Rita, which knocked 700,000 bpd or so off-line. Still, says Lynch, "These were all one-time transient events that can be fixed or adjusted to." There's reassuring evidence of adjustment from both supply and demand.

www.forbes.com...

But Simmon confused me now.. on the one video he talked about peak oil can still be a little out and on this he says peak oil is now..

puz:
did I get something wrong? Does he say peak oil is now or later?

But yes I see it comming. 300 dollars sounds a lot today.. yet it's true. Oil is too cheap.

As soon as supply can not keep up with demands anymore the prices will explode.

When we check back the price increase the last few month and especially the last weeks it already seems like it is happening now. Somehow I think there will still be another hard price drop/correction first before it goes way above 100.

BP, alone among oil companies, publishes its estimate of global
industrywide refining profits. This "Global indicator refining margin"
shows US margins, which are mostly profit, at $24.40 per barrel, up from
$17.90 last year. In Europe and Asia, refining margins averaged only $6.50
per barrel, barely above last year's $6.30 a barrel.
"This makes the US consumer the cash cow of gasoline profits," said
Dugan. "It's a clear call for government to investigate what's going on in
refinery costs and profits."

www.prnewswire.com.../www/story/07-24-2007/0004631837&EDATE=

The actual rise seems somehow overdone at least I don't see it justified with concrete numbers at the moment. Some war fears are in pla yof course.

I am very courious about the supply numbers of the next months.
Does anyone know a good source where the very latest supply numbers can be found!?