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Unformatted text preview: 3. (Brent crude, the European benchmark, closed at $114.58.) And, I'd go on to
say that the peak oil model is the best way to understand what's happening to the prices of other commodities, especially
copper. (Full disclosure: I predicted that oil would go to $180 a barrel shortly before it began its collapse from the $145 a barrel high in 2008.
And full, full disclosure: The only one predicting $250 a barrel oil right now is Iran, which is threatening that prices will reach that level if
developed economies impose tougher sanctions on the Iranian economy in an attempt to slow or stop that country's development of a nuclear
bomb.) Why peak oil still matters Let me explain why I still find so much value in this "discredited" theory. The most damage to the peak-oil
model resulted from the overenthusiasm of its friends during the commodities boom that topped out in 2008. A view that I've called "hard peak
oil" held that Hubbert's model had predicted that world oil reserves were about to go into decline, that oil product...
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