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Has Peak Oil--As a Meme-- Tipped ? (Out of Futures Backwardation and into Contango)

Posted on May 19, 2008

Has Peak Oil, as a meme, tipped ? Our latest oil price poll suggests that well over 70% of the sample (N 3000 now) thinks that oil will at least stay above $114 a barrel for the next two months--and almost half think it will hit $140 a barrel in that timeframe. Search volume on Google for the term is up dramatically in the past month, as is traffic at The Oil Drum. One indicator of a tipping point for acceptance of Peak Oil may be the state of backwardation in oil futures. I first raised this idea over 2 years ago, but recent market movements, coinciding with attention in the press, may ...

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crude , futures , oil , peak oil