Hybrid Technologies, Inc. (HYBR.OB): Will Oil Ever Return to Previous Levels?
With the price of oil plummeting nearly $100 a barrel since July, people have something to feel good about during this difficult economic time period; however, it may lead to the dismissal of the peak oil theory. For those not familiar with peak oil, it is the point in time when the maximum rate of global petroleum extraction is reached. After this point in time, the rate of production begins to steadily decline. With the relatively cheap oil prices, the cost of bringing new oil into production is too expensive. As the International Energy Agency (IEA) has repeatedly warned for…