, Columnist
The ‘Peak Oil’ Sequel Comes With a New Twist
This Russo-Saudi co-production features demand instead of supply. Will it be a scary blockbuster, or flop like the original?
From Saudi Arabia and Russia, with love.
Photographer: Ludovic Marin/AFP/Getty
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It’s very easy to reverse-engineer grand theories of history to fit the price action. When oil spiked in 2007 and 2008, the theory of “Peak Oil” gained much more traction. The idea was that fossil fuels were finite, and that the point of maximum supply had been reached. Henceforward, it would grow more expensive as supply decreased.