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After reading your article I have concluded it is one sided. Your article does not touch on oil use as an primary energy source. It implies the majority of oil is used in gasoline combustion engines. This is not the case. I am sending a URL with some information I believe to be fairly accurate.
I am not an economics expert, my field is realestate development, however, after doing detailed research on this topic I cannot dispute many points touched upon in this article.
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You might want to read the following: The Madjd-Sadjadi and South --- BET ON OIL
Putting my money where my mouth is, I bet Dr. David South of Auburn University, in October 2000, that the price of oil (in real dollars) would be below US $25/barrel in 2010. I still maintain that will be the case. Of course I hedged the bet so that I wouldn't lose more than my initial bet of $1000. Feel free to look up the oil bet if you find it of interest.
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