“The current surge in the price of oil is certainly not driven by a conviction that oil supplies have peaked and can only decline from now on. The dealers in the London and New York exchanges who make the market react to the daily flow of news  and don’t bother much about longer term issues like peak oil. The market is a simple-minded beast: Supply is tight and disruptions are possible, so the price goes up. But the market is so tight because demand has been growing faster than supply for years, and now the fear is that supplies may have stopped growing altogether.” Read the rest here.