Runaway oil prices pass $135
http://edition.cnn.com/2008/BUSINESS....ap/index.html
monokrome can you give me a list with those many other countries that still "produce plenty" ? List of countries and their peak year :
Russia :
http://www.turkishpress.com/news.asp?id=225762
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Russian oil production peaked last year
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Oil comes in many varieties, same like coal. The "light crude" oil is what people want, that is why prices go up. Did you read the article from above ? Yes Arabia has plenty of oil but it's "Heavy crude" and not needed. Most refineries cannot handle it, so in the best case I predict gas rationing until refineries are upgraded
Price history : 20$ in 2000, 80$ at the end of 2007, 135$ today.
There also is the "Export Land Model". Countries that today export will be keeping their production for themselves:
http://en.wikipedia.org/wiki/Export_Land_Model
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The rapid decline of the UK from peak exports to net oil importer in just six years is sometimes referenced as an example of the Export Land Model in real-world action. Mexico's domestic consumption and net exports appear to be closely corresponding with the expectations of the Export Land Model also
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One day there will be so many houses, that people will be bored and will go live in tents. "Why are you living in tents ? Are there not enough houses ?" "Yes there are, but we play this Economy game"