Peak Oil raising its head again

The continuing high oil prices are in part due to continuing political uncertainty in Libya. But that's not the only reason.

Shell, as in Royal Dutch Shell, the oil giant, has admitted to more uncertainty about the future of oil supply. By 2050, if current trends continue, it says the supply-demand gap could be as great as the entire industry of 2000.

Of course, on the supply side, the biggest "pusher" is China.

Even if China is the Potemkim village Nouriel Roubini predicts, there's too much of the West invested in it for it to remain permanently that way. U.S fat cat CEOs simply have to have their supply source of cheaply made cheap products and they know it.

So, it will continue to be a driver. So will India.

That said, the Guardian also notes that Japan, post-Fukushima, gives us an image, even a laboratory, of what Peak Oil may be like.