Why the oil industry today is like banking was in 2006: NEF. "Economic" peak oil by 2014/15.

A NEF report: “Inevitable high oil prices are like a glass ceiling on recovery. As growth in oil production slows and global demand continues to rise, sustained high oil prices and price spikes will have a significant impact on the economy, in effect placing a glass ceiling on economic recovery. The analysis presented in this report shows that this threat is as real and as imminent as was the banking crisis in the middle of the past decade. ….In the last year, the International Energy Agency (IEA), the International Monetary Fund (IMF), and the G7 have warned that high oil prices have likely been constraining economic recovery from the Great Recession. / Slowing the rate of decrease in oil production can only be achieved by a potential doubling of the price of oil over the next decade. This is likely to usher in the phenomenon of ‘economic peak oil’. In this report, we define this as the point at which the cost of incremental supply exceeds the price economies can pay without significantly disrupting economic activity at a given point in time. ….We find that both approaches seem to point to 2014/2015 as a crunch period.”