The oil update: plateau

The Energy Blog has a nice, short piece on what the oil pundits are calling "Peak Lite." A time period where world demand outstrips increasing supply (but before total supply peaks), this period (circa now) will last until the end of 2009 or so before supplies start falling and we really start paying for oil.

How bad will it be? Check out the right axis on this chart, showing projected world oil prices. We're currently at $76/barrel.