Oil will gradually rise in price Really? No one -- not you, nostredemons, nor anyone else -- can make such a claim with authority. The simple fact is, we don'

Oil will gradually rise in price Really? No one -- not you, nostredemons, nor anyone else -- can make such a claim with authority. The simple fact is, we don't know. No one knows. The peak oil opinion is that reserves have been vastly overstated and technology has made extraction termendously efficient at the detriment of a gradual decline in supply. So they're arguing the opposite. We also don't know how much of the 84 million barrels a day that we're currently consuming is price elastic. So the question isn't a simplistic, "Will we switch if the price gets high?," but the much more interesting, "if it starts to rapidly decline, will we have enough elasticity in demand to withstand the decades it would take to replace that energy with alternatives?"