A seven minute CNBC newscast featuring an unusually pessimistic Matt Simmons. The looks on their faces is classic, a recognition of a plausible threat and genuine fear of the consequences of Peak Oil.

Check out 4:35 where a really horrendous scenario is presented.

We're wasting so much time going on a witchhunt trying to find out who got the prices so high. What we ought to be doing is doing our homework for what we didn't learn in the last decade - the fact that we were giving oil away and it's still cheap. It's going to go higher, it might go way higher.
- Matt Simmons

It's getting quite obvious that we are not looking at a bubble and that speculation is not what is driving the oil price. We're facing a "surplus demand". Looking at it as a supply deficit is ridiculous.