Are We in the Peak of an Oil Bubble?

User rating: 4.3 / 5 after 178 vote(s)

This figure shows the total world oil demand and supply (left scale) and the oil price (right scale) from 2004 to the first quarter of 2008. Data from: International Energy Agency and US Energy Information Administration (http:www.eia.doe.gov emeuint ...
This figure shows the total world oil demand and supply (left scale) and the oil price (right scale) from 2004 to the first quarter of 2008. Data from: International Energy Agency and US Energy Information Administration (http://www.eia.doe.gov/ emeu/international/ oilother.html). Image credit: D. Sornette, et al.

Since 2003, worldwide oil prices have quadrupled. According to a new study, the price of oil is rising at a faster-than-exponential rate, and cannot be sustained. In other words, we’re in the midst of an oil bubble, say researchers Didier Sornette and Ryan Woodard of ETH Zurich in Switzerland and Wei-Xing Zhou of the East China University of Science and Technology in Shanghai, China.


Full story »
All News summaries from Physics news
All News summaries for July 07, 2008
Goto Archive PhysOrg Forum Goto Archive Video Goto Archive Editorials Goto Archive Free Magazines Goto Archive Newsletter

News Archive