Record High Oil Prices Here to Stay?

I don't know, but these recent headlines from some of the top 10 oil producers in the world don't look good:

Venezuela Troops Head to Columbian Border

Iran President Tells West to Accept Israel's "Imminent Collapse"

Putin's Iron Grip & His Success at Picking Successor

OPEC Chief Calls for Cut in Oil Output

Comments

[Wild Bill]

Nice to see the Montana Chamber of Commerce is on to this late breaking story. Hint: Go read the National Geographic from 23 months ago.

One word, Jon: Duh...

http://ngm.nationalgeographic.com/ngm/0406/feature5/

[montanamainstreetblog]

@ Wild Bill

You mean to tell me National Geographic had an article about Venezuela possibly invading Columbia, Putin retaining his dictator-like power in Russia beyond his presidency, and the OPEC chief calling for cuts in production when oil is at $103 a barrel?

[Wild Bill]

Your focus on geopolitical instability is backwards: the world is becoming more unstable because oil supply is peaking as we speak while demand is continuing to rise. Global geopolitics are simply a reflection of the fact that global hydrocarbon resources are insuffiecent to support global demand. It is fact called peak oil, which the Montana Chamber pretends doesnt exist.

So here, let me make a bold prediction: the price of oil will continue to rise and there will be more instability because of this. Like I said: Duh...

[montanamainstreetblog]

You're kidding, right? Oil supply has peaked? I realize that there is not an endless supply of oil in the world, but we have by no means "peaked" when you consider what is possible. If we have "peaked," it's only due to our own unwillingness to drill for oil and keep up with worldwide demand.

Venezuela sending troops to the Columbian border has next to nothing to do with the price of oil. Do some light reading on the history of Latin America over the past fifty years and you might learn that. And Putin's continued domination of Russian politics also isn't the result of high oil prices, but it may lead to continued instability in the world and the price of oil as a result.

For someone who thinks the blog is full of "well, duh" information, you visit and comment quite a bit.