The Oil Plateau

Oil production has been nearly flatnearly flat for the last two years, raising fears that we have hit peak oil. There has been a growing divergence between the numbers put out by the U.S. Energy Information Agency (EIA) and the International Energy Agency (IEA), but the overall picture is one of very little growth.

Oil stockpiles in the industrial nations continue to grow, indicating that there are no imminent dangers of shortages, however demand for oil continues to grow at a faster pace than even the more optimistic numbers on production. It seems likely that supplies with begin to tighten up in the future and that oil prices will go higher.