BrainBrain View Note

Well, perhaps so. It's true that the american dollar has been falling with respect to other currencies, so the dramatic price increases we've seen for a barrel of oil in us dollars can be accounted in some measure by the weakness of the american currency itself rather than by a strict increase in the value of the oil. Still fundamentally, I think at these prices, if there was ample capacity to increase global production, we'd be seeing it. I suspect we have *not* reached peak global production yet, but I do think we're seeing more an more evidence that the peak is very near, so much so that I would say we are within 5 years. At that scale, I don't think "at" vs. "near" really matters.