AltEnToday

Are we witnessing the economic reality of Hubbert’s peak unfolding before our very eyes? CNBC reports that crude prices hit an intraday record of $135.09 today, before settling down to a close just above $131. This is fresh off the heels of George W. Bush’s visit to Saudi Arabia requesting that they provide additional supplies to the world’s oil markets to offset the high oil prices (which they politely rebuffed). Could it be that Saudi Arabia just doesn’t have the surplus to give?