Crude soothsayers should recall cautionary tale of ‘Peak Oil’ - FT.com:
"We view the world in stories. But the story does not always precede the fact. In markets, we often adjust our story, and our view of the world, to fit the fact of a move in the price. And no market lends itself to grand narratives as much as oil.
This week at the annual conference in Montreal of the CFA Institute, a professional body for investors, there were some grand narratives about the future of oil. They should be taken seriously. But the last time the conference visited Canada, in Vancouver in May 2008, there was also a grand oil story. How did that work out?"
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