Reply #3: That would be because the oil prices dropped in response to economic collapse.

[phantom power]

I've been thinking, that what we're seeing is the contrapositive of the more common peak-oil scenario. In the last month, we saw an economic implosion cause a round of demand-destruction, which in turn reduced oil prices. As opposed to the more commonly-cited scenario of oil prices rising, resulting in economic implosion and then demand destruction.

Or maybe a cleaner way to put it is that the reason peak-oil advocates think peak oil is important is because our economy is so tied to oil. To the extent that you only have lower oil prices when the economy is bad. Which happens first is sort of immaterial. The point is that the two now go together. We have left the regime where you can have a strong economy and low oil prices simultaneously.