Peak Oil Watch

By Kevin Drum

(Political Animal)  PEAK OIL WATCH....OPEC agreed today to increase oil production by 500,000 barrels per day. But check out this sentence in the New York Times coverage:

Consuming nations, including the United States, have been urging OPEC producers to put more oil on the market, warning that the winter months would see a big jump in consumption that non-OPEC producers would not be able to meet.

Note that this is now apparently conventional wisdom: the only spare oil production capacity left in the world is in OPEC. The non-OPEC peak isn't five years off, or ten years off. It's now.