The current trend for oil is certainly down. However, it is hard to ignore the seasonal tendency for the price of oil to rise in the spring, starting near the end of February. Seasonal tendencies alone are no reason to enter a trade. But if there is any indication of a trend change at that time, I think a lot of people will go long very quickly, including me.
1) Do the Saudis have new, "super" refineries ready to come online? 2) Does anybody really know what their reserves are?
He said it correctly predicted peak oil FOR THE USA in the 1970s. There is global peak oil, and then regional peak oil.
Like the others said, just plain untrue. What do you base this on? Sounds like you HOPE the world can not survive with oil this low so you can cover your positions. Oil had no reason to be at $160, plain and simple. All that money that was made on it was taken out and this is where oil should have been trading. You really need to look at all the details of production/supply etc and you'll see how things really are.
Peak oil is coming for sure. The big question is "when". It could be tomorrow, next week or even next century, but it will hit us like running our heads against a brick wall in pitch black darkness. There's no government out there willing to publish their reserves, since it's a matter of "national security". The Arabs still have the same reserves as a decade ago which obviously is incorrect unless somehow, they can turn water into oil. While the western world tries to assess the total world reserve, the rest is reluctant to comply with this effort since the truth will set them free.... free of any political power against that same "devilish" western powers.