My thesis ties Peak Oil to Globalization and dictates that both the demand and supply of oil has been massively subsidized by the Globalized Ponzi Scheme and hence was never sustainable long-term. Low prices will lead to curtailment of new investments which will eventually reduce supply leading to high prices, which stifle economic recovery. Rinse and repeat.
Just yesterday, Saudi Prince Alwaleed, said the same thing:
ZH: January 11, 2015
"I'm sure we're never going to see $100 anymore. I said a year ago, the price of oil above $100 is artificial. It's not correct."
And this just in...
MW: January 12, 2015
At Goldman's new price target of $70 for Brent Crude, 20 million barrels per day of planned future daily production will not be economic (i.e. ~one quarter of all supply).
A world without debt does not support $100/bbl oil. That oil may as well be on Mars now.
