Are we at Peak Oil?

Oli Harvey doesn't think so. He says we should be looking at capital investment. If the oil price were going to stay this high, so his argument goes, then there should be a huge amount of capital investment to find new deposits of oil because the incentive to do so would be large. He posits that the reason for low levels of capital investment is because the price is going to fall soon. The logic works, as long as you think oil analysts for the large exploration companies have it right.

Give it a read and see what you think.