Not quite as bad as the price of Mexican oil. Here is the price quoted by Pemex:

Mexican crude oil basket price
 05.12.2008
 30.52 *
* Dollars per barrel.
Estimate provided only for information purposes.
The daily estimated quotation will be published at 6:00 PM.

PEMEX Monthly Petroleum Statistics
The price quote is updated daily though the rest of the page is updated monthly. However Pemex is now over two weeks late with their update of this page. It was supposed to be updated on November 21st but that has not happened.

Anyway, the top oil story of 2008 will be one that was never published: Peak oil causes collapse of the world's economy!

Ron Patterson

Anyway, the top oil story of 2008 will be one that was never published: Peak oil causes collapse of the world's economy!

That story won't be published because it's just a fantasy in your mind. The rise in oil prices, far from being a cause of the collapse, was just another symptom of the generalized speculative mania.

You are the one who is delusional. World energy supply, over the last 100 years, increased at about 2 percent per year. World GDP, over the last 100 years, increased at about 2 percent per year. Get the connection?

World oil supply stopped growing in 2005 and prices spiked. These two factors combined drove us into a recession. We will pull out of this recession when the world oil supply starts growing again. That is not likely to happen...ever.

Crude oil has been on a plateau since 2005. We are at peak oil right now, or was a few months ago. You should understand that simple fact and you might not post so much foolish crap in the future. Of course peak oil is only part of the story. To get the whole story take Chris Martenson's crash course.

Ron Patterson

Hey JD,

Peak Oil is a geological reality, as recognized by U.S. National Academy of Sciences, U.S. National Academy of Engineering, U.S. General Accountability Office, U.S. Congressional Research Service, U.S. Army Corps of Engineers, and the National Petroleum Council, and no scientific source says otherwise.

Denying Peak Oil is like saying the earth is flat. :)

Garrison Keillor says that in this country you are free to express yourself anyway you wish, including walking down Main Street twirling your underwear at the end of a stick. :) He means of course, that your are free to make an ass out of yourself in public, if you so choose.

The reason oil dropped so fast is that our "brilliant" leaders ran the international economy into the ground.

But oil prices will go back up, soon.

Hey, your heard it here first :)

JD, put that stick down.

Cliff Wirth

№11 Peak Oil…?...Everything isn’t so bad…

According to the estimate made by the USGS (WPA 2000) “approximately 800 billion barrels are awaiting discovery in the coming 25 years. Implying a tripling of current annual discovery for a period of 25 years”. This desired increase of annual discovery still isn’t achieved. However, the USGS forecast is real, because a great possibility of improving discovery rate can be achieved as a result of technological progress in exploration methods.
With new technologies (like patented invention US 7,330,790) oil industry could make three times more oil and gas discoveries than when using conventional technology. And the fact that new technology won't need more investments than a conventional one is also very important. It could significantly mitigate world energy problems. The technology is designed and successfully tested in the Barents and the Black Seas as well as in the Gulf of Mexico (see: www.binaryseismoem.weebly.com)

Hey Geolog,

This is small potatoes. Haven't you heard that I hope to patent a process for extracting the energy from discarded chewing gum, that will avert the Peak Oil disaster. And my cow burping capture method will provide enough methane to power the globe for hundreds of years :)

By the way, 2 to 3 times more discoveries than what?? And how large are these discoveries. After all, when it comes to oil, it is not the number that matters so much as the size. There is not too much equipment available to drill a bunch of weeny oil fields.