Peak Oil Article by Chief Economist for CIBC World Markets Inc.

[yltlatl]

"Strip out unconventional sources of supply, and crude production is hovering around 65 million barrels , where it has been for the past four years. Has the world already seen the peak in conventional crude production?"

http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20040315/RRUBIN15/TPBusiness/Columnists

[hatrack]

1. Interesting article, yltlatl - thanks! nt

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[terisel]

2. Consider the Source-CIBC, Crime and Enron

Consider the source of this "peak oil" scare. From some of the same guys who brought you Enron:

<http://www.cbc.ca/stories/2004/02/05/kassie050204>

Kassie's resignation comes just two days after a former CIBC World Markets executive, Paul Flynn, was arrested and charged in an expanding investigation into illegal U.S. mutual fund trading.


FROM Feb. 3, 2004: Former CIBC exec charged in U.S. mutual fund investigation

Flynn faces five felony charges, including grand larceny, under New York state law for his role in allegedly providing loans to hedge funds which used the money to finance illegal late trading. Flynn is accused of pocketing $1 million US.

Several reports say regulators believe CIBC may have provided as much as $1 billion in financing to hedge funds and other investors who engaged in the market timing of mutual funds.

In December, CIBC agreed to pay $80-million US to settle allegations the bank "aided and abetted" the accounting scandal at Enron.