First of all, the first time I read this article, I thought it said “ungulating plateau,” rather than “undulating plateau.” Imagine my confusion…two very different meanings. Anyway…
In the article from today’s Globe and Mail, Cambridge Energy Research Associates in Boston is predicting that the world is on the verge of an oil glut. Yes, that’s right. We have more oil than we know what to do with.
They also suggest “oil will remain higher than $55 for the rest of the decade.”
“The report also took aim at peak-oil theorists, who espouse the view that the world’s oil production will hit a high, possibly as early as this year, and then decline rapidly. While no one argues that oil is anything but a finite resource, Cambridge Energy Research doesn’t see a peak at all.
Instead, it projected an “undulating plateau,” extending for several decades.”