From: The Wall Street Journal
Peak oil enthusiasts have had a rough few years. When the price of oil was racing towards its all-time peak in the feverish summer of 2008, Malthusianism was all the rage — even the usually unruffled International Energy Agency seemed to be worried that supply couldn’t keep up with demand.
The collapse of Lehman Brothers a few months after that kicked off a sharp correction in oil prices. But they bottomed out at around $40 a barrel and then resumed their climb, breaking back above $100 as the Arab Spring gathered steam in 2011.