Crude oil 2010 vs 2005 1st quarter

5 years peak oil. What we have seen so far is the response of the economy and the financial system to oil production on a bumpy production plateau

The above graph shows that in the 1st quarter 2010 we are basically back to 2005 production and consumption levels.

But for the same amount of oil, the world pays $25 more per barrel.

Remember 2005 was the Katrina year with a sharp drop in production in September and October but production had already peaked in May even before the hurricanes. This year we have the oil spill in the Gulf of Mexico and no idea how events will evolve.

GOM oil after the US peak