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In 2005, NYT columnist John Tierney bet a large sum of money with Houston oil guru Matt Simmons, on the future of peak oil. Tierney, a peak oil doubter, bet that the average price of a barrel of oil for the year 2010 wouldn’t be $200 or more; Simmons, a peak oil believer, bet that it would be that or greater.
Barring some massive disaster, Tierney’s going to win that bet. Why? Does that mean there’s no such thing as peak oil?
(Thanks to reader Peter K. for the link).