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This story is a little telling. mentions peak oil a few times, in a realistic light, and how the traders no longer believe OPEC.
http://www.marketwatch.com/news/story/oil-hits-80-skeptics-stare/story.a...
In one of Mad Money's early shows, Jim Cramer featured a list of past OPEC pledges about production, all of which were not honored. If I remember correctly, he called them "serial liars".
true but...
before others beside Saudi had spare capacity with which to cheat. Now Saudi is OPEC for all intents and purposes.