There has been a lot of cheering in some quarters about the drop in oil prices. For some folks it appears that Peak Oil was overblown hype and they aren't shy about saying so. Well I am here to tell you that every silver lining has a cloud.
Commodity Online posted an interview with Mark Leggett, a Canadian oil and gas analyst. This interview should be required reading for all those who want to just Party On Dude!! He offers up understandable arguments on why low oil prices will boomerang against us, and makes the case for the end of the era of cheap, easy to get oil. He also suggests that gas at $4/gallon is the price point that makes most people look for alternatives.
Enjoy the low prices while they last, but don't expect them to last more than a year. Two years if we are really lucky, although I doubt it.