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Speculators take most of the heat for the recent oil spike, but were they really to blame for last year's high prices? Probably not, says Dr. James Hamilton, who argues that supply and demand, not speculators, were behind oil's 2008 rise. A professor of economics at the University of California, San Diego, Dr. Hamilton co-authors the popular blog, Econbrowser , where he analyzes current economic policy decisions and conditions. He has written dozens of scholarly papers on commodities, as well as testified before a congressional committee on the effects of the 2008 oil shock on the current recession.
This is your last chance. After this, there is no turning back. You take the blue pill — the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill — you stay in Wonderland and I show you how deep the rabbit-hole goes —Morpheus, from the movie The Matrix On the eve of the International Energy Agency’s release of its annual World Energy Outlook (WEO), a whistleblower at the IEA claims the agency “has been deliberately underplaying a looming [oil] shortage for fear of triggering panic buying” in the world markets.
Publisher's note: Dmitry Orlov authored Reinventing Collapse , based on his firsthand observations of the collapse of the USSR and the socioeconomic prospects for the U.S. His new article describes the key physical, social, political and economic factors which energy industry analysts must take into account when forecasting oil production in order for their forecasts to be meaningful. Peak Oil is History is exclusively on CultureChange.org until November 1. - JL The marketing blurb on the back cover of the first edition of my first book, Reinventing Collapse , described me as "a leading Peak Oil theorist." When I first saw it, my jaw dropped -- and remained hanging. You see, if you run through a list of bona fide leading Peak Oil theorists -- your Hubberts, your Campbells, Laherrères, Heinbergs, Simmonses and a few others worth mentioning, you will not find a single Orlov among them.
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