"[P]eak oilers" looking forward to another supply crunch should consider two things. First, recession, by resetting the demand baseline downward, extends the life of oil reserves.While that makes sense, it misunderstands the peak oil paradigm, which is that consumption will outstrip discovery. By a lot. I haven't checked, but I don't expect that this is yet untrue. However, there's more.
Second, the U.S., energy-consumer extraordinaire, is more aware than ever of its oil addiction. The irony is that, as OPEC stabilizes prices, it will reinforce America's political will to deal with that.At the risk of sounding cavalier? I can't stop giggling. Everybody feeling aware? How's that will doing?