"non-OPEC oil production apparently peaked in the first quarter of 2007, and given precipitous falls in oil output from Russia to Mexico, there’s not much hope for a recovery. OPEC production—and thus global output—peaked a little later, in the first quarter of 2008."We are growing complacent about the resource situation, particularly oil. The disastrous economic situation and resultant collapse of oil prices has led us to believe that there is no longer an oil supply problem. It was all just another speculative investment bubble you see. But Peak Oil doesn't work that way. We aren't using as much oil as we did but we are still using a lot of oil. All we have done is take the pressure off of the suppliers and when demand firms up again we are right back in the thick of it.
This article from the Wall Street Journal says we have already slipped over the peak and when recovery comes we will be already on the downward slope. Trying to grow with a shrinking energy supply. It isn't going to be pretty.
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