Written by Illusnist

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Topics: Oil, Middle East

Sunday, 25 January 2009

image for Peak Oil Delayed

Venezuela - Open Nations this week reached a decision of global import, delaying the onset of the Peak Oil Crisis at least until the price for crude goes back up to a profitable potential.

This move comes on the heel of the traumatic discovery last year that consumers will not, after all, find a way to continue driving when they have no money to buy it. As the price for a gallon of gas rose above $4 last year, consumers fought back, and fuel purchases dropped to unprecedented levels.

Another matter compounding the decision to delay Peak Oil was the current Israeli military crisis. A majority vote revealed a reluctance on the part of oil producing nations to steal the limelight from other middle-eastern concerns.

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