62. DO HIGH OIL PRICES PROVE THAT PEAK OIL IS HAPPENING?
ANSWER: No. High oil prices don't conclusively prove anything. In real terms, oil prices spiked higher than now in the late 1970s, but that didn't mean that oil peaked. Oil production continued to grow after the period of high prices, as can be seen from the following charts:
Inflation-adjusted oil prices (click on the image for a clearer picture, source):
World oil production (source: EIA, Annual Energy Review 2004, P. 306):