Peak Oil and Worldwide Economic Recession Soften Oil Prices: Lull Before the Storm
In the first half of 2008 we saw oil climb to approach $150 a barrel amid the pundits’ warning of oil rocketing to $200 a barrel and way beyond due to the phenomenon of Peak Oil. In the wake of those heady days we have now witnessed the slumping of oil prices to well under $100 a barrel into October.
So what is happening to cause the retreat of oil prices?


