Drumbeat: February 17, 2012

Citigroup Says Peak Oil Is Dead

Citigroup announced to the world Thursday that peak oil is dead. The controversial idea that world crude oil production is almost at its peak and will soon begin an irrevocable long-term decline has been laid to rest in the highly productive shale oil formations of North Dakota, with potentially big consequences for oil prices, the bank said.

However, despite this reading of last rites, the data suggest it would be premature to pronounce this patient dead.

Changes in oil markets in the past decade have given significant traction to the argument that world oil ...



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