or, How I learned to stop worrying and love the markets ;-)
Why do I feel compelled to keep posting Tom's boradsides at peak oil? Because some people JUST DON'T GET IT!
Of course, I'm not talking about you, dear reader. ;-)
Why so little slack in global oil production? Check out who's really running that show
Synopsis: most of the proven reserves in the world are controlled by National Oil Companies that are terrible at management, discovery, etc. Let a BP or a Royal Dutch Shell in there... they find more 'proven' reserves every time.
Ironically, all of these mismanaged NOCs will drive the global market to alternatives, including hydrogen, much sooner than the market would otherwise go there if the NOCs were reasonably well-run