Viewpoint on peak oil

The price of oil has been swinging for a number of years. Alarmist talk about resource depletion and overpopulation is coming back into fashion after an earlier peak in the 1970s. However, the Earth contains all the resources required to produce oil (synthetic oil, if need be) in any quantity demanded. Economic logic indicates that lack of demand, rather than of supply, will cause oil production to decline, with no particularly harmful impact on our standard of living. Let’s take a look at what could well be the non-event of the century.