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By A Smith (anonymous) | Posted May 04, 2012 at 17:08:21 in reply to Comment 76490
>> The collapse in the price of oil after mid-2008 coincides exactly with a general economic crash that significantly reduced aggregate demand for oil, which is precisely what the peak oil model predicts.
Could peak oil explain why, from 1990-1993, during a recession, world oil consumption increased from 63.85M barrels/day, to 67.57M?
Or, from 2000-2003, world oil consumption increased from 76.78M barrels/day, to 79.71M?
Moreover, what does peak oil have to say about the fact, that from 1984-89, oil consumption outstripped oil production?
Production
1984 1985 1986 1987 1988 1989
59563.2 59156.4 61533.7 62099.5 64394.5 65518.8
Consumption
1984 1985 1986 1987 1988 1989
59806.8 60080.3 61803.4 63084.9 64957.1 66070.5
Furthermore, from 1984-89, as consumption outstripped production for five straight years, the price of oil fell from $28.75 to $18.73.
How does peak oil theory explain that?
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