Peak Cheap Oil vs Peak Oil Demand - E375
Peak cheap oil is not happening. Peak oil demand better describes what's happening.
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In this episode, I react to Luke Gromen's Peak Cheap Oil theory. The basics are that demand will only go up and is price insensitive, adding in an assumption that there is some arbitrary level where oil would be too cheap to pull out of the ground.
I'm on the Peak Oil Demand side of the house, where demand will fall due to global recession, deglobalization, falling credit capacity, depopulation, etc.
Enjoy.
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