Peak (Oil and NZO) price???
I don't think so. I must admit, I would not have expected NZO to dip below $1.50, or the price of oil to go below $115 a barrel, but looking at the numbers below this is not exceptional
this little table (more details at http://energybulletin.net/node/46199) shows the price of oil at selected points in time, and the percentage increase or decrease since the previous point
1984 $28
1988 $15 -46%
1990 $23 +53%
1994 $16 -30%
1996 $20 +25%
1998 $12 -40%
2000 $27 +125%
2002 $23 -23%
2008 $147 +539%
2008 $115 -22%
clearly the increases show an uptrend outweighing the occasional drop. At the beginning of this year we were all excited (or worried) that the magical $100 barrel was broken, and now a drop to 15% ABOVE this level is supposed to show that we can forget about Peak Oil?
My worry is a strengthening recession possibly rolling into a depression - that could for a while reverse the price of oil big time, and with it the price of NZO. But if that were to happen there is more to worry about than the price of NZO, the long emergency comes to mind (Kunstler).
I still think NZO will hit $2.00 by the end of the year (although my confidence is somewhat dented), and the price of oil will race it to the $200 mark by the end of the year. In the meantime, for those who can read the tea leaves better than I NZO will be a good stock to pick at the bottom.