Analysts and investment experts weigh in on the price of oil for the near term June 8, 2009.
I think that peak oil is a reality. It doesn’t mean that prices will necessarily go up in the immediate future because peak oil means that the reserves are beginning to decline, which I believe is correct. And eventually the world has less oil but the world becomes more oil efficient.
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Faber actually said (correctly) that “the world becomes MORE oil efficient,” not less efficient as you have quoted.
Thanks Patrick!Â I made that correction in the excerpt above. It was 2am and i must have been thinking “less oil dependent” as I was supposed to be typing “more oil efficient.”
Keep up the great work!