29 Apr '12, 1pm

#peakoil Peak Oil: Net Exports Aren’t Everything: I think everyone’s wallet should have convinced them by now th...

#peakoil Peak Oil: Net Exports Aren’t Everything: I think everyone’s wallet should have convinced them by now th...

Peak Oil: Net Exports Aren’t Everything I think everyone’s wallet should have convinced them by now that the days of cheap oil are over. Compared to the end of cheap oil, “peak oil,” or the moment when worldwide production hits its peak, is irrelevant, at least from an economic standpoint. What we really care about is how much we’re paying for the oil that keeps our economy running. As I demonstrated in my most popular article to date on Forbes, The End of Elastic Oil , the global market for oil has had a regime change in the last 10 years. The New Oil Regime In the old regime, oil production was flexible, with plenty of spare capacity in places like Saudi Arabia, and supply easily adjusted to accommodate changes in demand. In the new regime, that is no longer the case. Today, oil supply shifts in response to demand only slowly, so demand has to shift to accommodate change...

Full article: http://peakoil.com/production/peak-oil-net-exports-arent-...

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