Quote Originally Posted by Huang Chung View Post
Heavy Metal -"As I've said before, oil reaches a cyclical annual peak around now.... back to $60 by Xmas?"

Tricha - "Depends if we u believe in peak oil like I do (1000 barrells a second)"

Tricha, I would really be surprised if peak oil will have the sort of instant impact you seem to be implying. It's probably going to be a gradual realisation that peak production has been achieved, some time after the event has actually occurred...certainly not something that is going to impact the oil market one way or the other by this Christmas.
Who's to say we haven't already hit peak oil
Richard Hienburge and Matt Simmons claim conventional oil production peaked in May, 2005 - they have yet to be proven wrong
OPEC keep saying that they can ramp up production - they have yet to prove it.
It will probably take some kind of event to trigger a realisation of peak oil - that event could be any number of things at any time.