At $100 a Barrel, Times Will Never Be the Same

By now you've probably heard that crude oil closed in the triple digits -- $100 a barrel -- for the first time ever in the history of the oil business. And prices at the pump rose another 2 cents -- overnight. Oil Drum hits the key point here:

The $100 a barrel closing price is a sign that times will never be the same again.

By ignoring this signal, world leaders are steering the world toward an energy disaster characterized by shortages, high energy prices, inflation, civil unrest and famine.

Alarmist? Have a read of its full press release before you cast it off as fear mongering. Some of it is sure to convince.

In sum:

In the aggregate, all of the oil fields of the world are coming to peak production.

Energy Bulletin reported similar worries back in January:

We are deeply concerned that the top five net oil exporting countries, Saudi Arabia, Russia, Norway, Iran and the UAE (United Arab Emirates), collectively accounting for about half of current world net oil exports, in aggregate are going to show an ongoing decline in net oil exports, continuing an aggregate net export decline that began in 2006.

Even the WSJ had this headline today, Is Exxon Mobil Going Dry? It explains:

Like the rest of its big oil brethren, Exxon Mobil is having a difficult time replacing its reserves.

The Texas titan barely replaced the amount of oil and gas it produced last year -- its worst showing ever. With access to new reserves shrinking, the struggle to move the needle will intensify. If Exxon boss Rex Tillerson can't reverse the trend, his company could run dry within a generation.

The WSJ's conclusion? "That doesn't look good."

No, it doesn't.

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