The distortion of science for ideological purposes has a long history, and the results are generally ugly.
PEAK OIL CLAPTRAP
As is common during periods of credit expansion when the various Reserve Banks increase the money supply, prices rise, oil prices being no exception. And during those times Peak Oil theories are resurrected by the doomer-gloomers to prove that we are running out of oil.
One of the more interesting comments made by the Oil-Doubters is that of inventory irregulatories :
OPEC's "Spurious Revisions" AKA "Cooking the Books"
During the 1980s, several OPEC countries issued some rather "interesting" upwardly revised estimates of their proven reserves of petroleum. Ron Swenson, proprietor of the website HubbertsPeak.com explains: Many OPEC countries have been announcing reserve numbers which are frankly very strange. Either their reported reserves remain the same year after year, suggesting that new discoveries exactly match production, or they have suddenly increased their reported reserves by unfeasibly large amounts. Source
(You have to scroll down to find it)
On the 5th September it was reported that Royal Dutch Shell discovered a massive deep oil find in the Gulph of New Mexico (source
) which could increase US oil reserves by 50%.
Now if current oil OPEC oil reserves are magically increased together with new oil finds being discovered 5 miles down, then the view of the HubbertsPeak site, that the oil producers are cooking the books might be completely wrong.
Instead we might consider the Russian-Ukrainian theory of Abiotic oil, popularised by the late Tommy Gold, but more accurately summarised here
, then it is quite possible that Gold's deep hot biosphere is continually producing hydrocarbons which are continually replenishing the existing OPEC oil fields.
In fact recent statements made by oil industry executives confirm that we are not running out of oil and are possibly awash in it.
So why are oil prices so high (along with commodities). Apart from the Chinese and future Indian demand for raw materials, we must also look to the increase in the money supplies produced by the various central banks.