Revolution or peak oil?

ENERGY

Having hit a low of $10.00 a barrel in 1998 and a high of nearly $150.00 in 2008, the price of oil has settled comfortably above $100.00 a barrel.

The theory of “peak oil,” that global oil production was approaching a level from which decline was inevitable, has gone from the view of an eccentric minority to almost universal acceptance. It is accompanied by a general conviction that growing demand from emerging economies meant a relentless growth in oil demand was inevitable. Stable or falling demand in developed economies, combined with the impact of technology in finding new sources of hydrocarbons and improving extraction rates, would help the balance of supply and demand but only delay the inevitable crunch point. Measure...