Peak Oil

As soon I earned my drivers license, I ended up sitting in a gas line during the Arab oil embargo. I learned that the Arabs have their hand on the spigot, if we want oil, we pay. Also I have been told that we are running out of oil, and we will have to change our habits. Granted, full size trucks of today, are more efficient than cars of yesterday. However we are driving more. So why the price collapse? Does oil really grow underground, as is it is a really really huge growing biomass that we just tap into, then tell everyone that it is a finite supply to justify the high price. Or are we able to buy oil from privateers who are undercutting nationalized pricing? A combination of both? Or has the house of Saud simply opened up the spigot nice and wide in an effort to put all competitors out of business? What happens when they eventually close the tap?

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