We have temporarily dodged a bullet. The upcoming IEA World Energy Report will say that global oil supplies are falling faster than expected, and massive investments are required just to (almost) stand still. The only thing making things marginally less calamitous? The current downturn-induced demand collapse has given us a little more time to prepare for the inevitable.
The Financial Times got a leaked copy of the report, which is due Nov. 12.
We are not running out of oil (yet). However it will be increasingly more difficult to get it out of the ground at an economical price.
Hmm, the dollar is falling again, OPEC is cutting back, now this. We may be at or near a bottom in oil prices.