Rick,

I appreciate your comments on that article; very well written. I agree with you that shale oil and gas are not an effective replacement for crude. Where I disagree is the claim that we are in, entering, or have past a point in which oil production is in terminal decline. I think this 2011 EIA report is a good starting point. I also mentioned in a previous post about the problems of demand shock, speculation, and global security issues (GWoT, Iran, etc), which all contribute to high oil prices. I think this graph and this graph are important to understanding the long-term context of oil prices and production.