A fair appraisal – it still spells end-of-growth.

http://www.theoildrum.com/node/7909#more

an excerpt:

In many ways, the supply side of the equation looks clearer now than it did five years ago. The demand side, on the other hand, is decidedly uncertain.

If the global economy, or China and some of its developing nation colleagues should find a way to steam ahead momentarily despite the extraordinary debt deleveraging that is underway globally, then resource limits will quickly put a cap on such growth. The timing is impossible to predict, but a continuing volatile cycle of firm demand and high prices followed by periods of demand destruction and collapsing oil prices seems all but inevitable now.

Well worth the read, as are some of the comments – particularly ‘Westexas’ and ‘George Mobus’.

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