Peak Oil (again)

The Economist has a piece on it:   Feeling peaky

FT Alphaville discusses it:  Peak oil goes mainstream (again)

From 2005, when oil was US$60/barrel, James Hamilton wrote:  How to talk to an economist about peak oil

In a related point, I’ve also put together two charts looking at the number of miles driven in America.  The first gives a rolling 12-month total of the number of miles driven per capita in America, while the second looks at deviations from previous peaks in the same.  Both are from 1971 onwards.  A few things to note:

  • The current dip started well before the recession (peak was in June 2005); it’s been going for 79 months so far.
  • The current level was last seen in February 1999.
  • The current level (January 2012) is 6.34% below the most recent peak; the low point in the current dip was at 6.45% below (November 2011).
  • The dip at the end of the ’70s and start of the ’80s (i.e. the second oil crisis and the Volker recession) reached 4.99% below the previous peak after 21 months and was back above that peak after 54 months.

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