Group bets $100,000 against CERA supply forecast

A group of businessmen and energy experts who believe that global oil production will soon peak, plateau and decline has issued a $100,000 wager to Cambridge Energy Research Associates (CERA), a prominent oil forecasting think tank. Members of the challenger group also renewed an invitation to hold a public debate on the issue of peak oil with CERA.

Back up the rabbit hole

At several points in the last quarter century, due to a brief constellation of short-term factors, petroleum prices dropped to levels lower in constant dollars than ever before in history. Collective decisions made on the assumption that such prices were normal need to be revisited in a hurry as more realistic energy costs reassert themselves.