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UPDATED: The Oil Market's Historic Swing to Continuous Contango--Has Peak Oil Tipped ?

Posted on May 20, 2008

For the first time in the history of oil futures trading, oil prices are in continuous contango--that is, oil futures get progressively more expensive each year into the future. Does this mean that 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. Here's what has happened over the...

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crude , oil , oil futures , peak oil