This week, oil reached its highest price ever, exceeding the inflation-adjusted record of $103.76 set in April 1980, at the height of the second oil shock. Then, the world was worried that the high price would trigger a global depression. Now, the scope for the oil price to soar ruinously higher than $100 does not seem to worry many people. The landmark record did not reach the front pages.

Yet developments in the peak oil debate so far this year should be sounding alarm bells everywhere. ... Read full article