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I am guessing that the trend will flatten out for the rest of the year. Demand in developed countries will drop due to high prices. This will be evened out by continuing - although slower - rise in developing countries. So overall, production will be flat.
If production continues to rise then inventories will build.
What if the back slope is a mirror image of the front slope?
A few seasons in plateau, then perhaps a drop as steep as the initial rise from 2002 to 2005. Perhaps a 10% drop in three or four years.
Does anybody have an idea what a 10% drop in oil supply would do to the price of gasoline?
It seems that everyone is happy to over-analyse this blip.
Some have even decided that Peak Oil is NOT here yet based on this minor blip.
You are simply giving ammunition to the anti-PO crowd through this indecision. It could be exactly the effect the suppliers of the data seek ...
Peak Oil may - or may not - be around the corner ... but we shouldn't overact to the slightest data point.
Let's just wait a couple of months to see a more accurate trend ... whichever way it goes.
Quickfingers.
How about that?
MTF?!?!? What's the matter, climate change not moving fast enough for you?