Do you remember all the fuss about peak oil just before the GFC hit, when oil was $147 a barrel? Unless the US or Europe collapse, expect the price to continue rising (largely due to Asian demand) and expect all the media fuss about ‘peak oil’ to come back too.

But remember this. The response to the question “how much oil do we have left?” is “it depends on the price.” If the price of oil continues to rise we will find more oil and get more oil out. However, the speed at which you recover the oil also influences how much is down there. If the price is high and you get it out fast you recover less oil. Conversely, if the price is low you go after less but you recover more. Geddit?