by Nick Giambruno
People will remember 2020 as the year that discredited the Peak Oil theory – the idea that economic oil is limited and running out.
Proponents originally predicted Peak Oil would occur around the year 2000.
But as it became apparent that was a wildly inaccurate prediction, most Peak Oil advocates pushed the date back to 2020.
2020 is here, but instead of Peak Oil, the opposite has occurred.
On April 20, 2020, for the first time, oil prices went negative. Not just slightly negative, but deeply negative… -$37.63 per barrel, to be precise.