If the Peak Oil theory scam artists were telling the truth, oil prices should be north of $140 years ago. Instead after peaking at roughly 150, they have been tumbling downwards, and the only term one can use to describe such action is a “crash’. If oil was supposed to be in such short supply, why is the world awash in oil and why have prices dropped so much? The answer is that peak oil is nothing but a scam that was designed to create the bedrock for higher prices. They had to create some crap that the masses would buy into, and peak oil was the perfect ploy for this game. Crude oil is not even a fossil fuel; anyone with a biology or chemistry background that bothers to use their brain will understand that calling crude oil a fossil fuel is like stating coloured water is wine.
The chart from the IEA clearly exposes this scam. Take a look world supplies have been increasing over the years instead of decreasing.
IEA expects supplies to drop from 96.97 Mb/d to 96.88 Mb/d; the IEA is notorious for missing its projections. We are not sure that the current projections fully factor in the new supply of Iranian oil set to hit the markets. Additionally, Russia has stated that they have no intention of cutting down oil supplies and the same holds true for Saudi.
Some interesting factoids
Eugene Island is an oil field in the Gulf of Mexico, 80 miles off the coast of Louisiana. It was discovered in 1973 and began producing 15,000 barrels of oil a day which then slowed to about 4,000 barrels in 1989.But then for no logical reason whatsoever, production spiked back up to 13,000 barrels a day. Full Story
Hubbert, one of the loudest voices behind the Peak Oil scam theory, predicted that the world’s peak oil production would occur in 1995, assuming that current usage and production trends. It turns out he was wrong as hell.
Negative rates will fuel the biggest Bull Market rally in History- Vide
Other Articles of Interest
Share buybacks Wall Street scam (Dec 16)