Did peak oil happen in 2008, and did that cause the recession?

According to Professor Peter Newman of Curtin University in Australia peak oil has already occurred. The professor thinks that demand now outstrips supply, or would do so if the global recession had not curtailed the demand for oil significantly. He thinks that oil reached its peak (in terms of supply) when its price peaked at $140 a barrel in 2008, and its price then significantly contributed to the recession. Certainly more oil was produced in 2008 that in 2009 and probably there will be less oil produced in 2010. Continue reading