Beyond Opinion

I am wondering if we are finally hitting the Peak Oil that many geologists have been predicting for some time: the time that production of oil peaks and then declines as the world uses up its finite supply of oil. I am wondering if the escalation of crude and gasoline prices have something to do with that. But I can't be sure, because this entire thing is turning into Alice in Wonderland. The price of crude oil is up but that of gasoline is down. Huhh?? Go figure. How does this happen?

Someone says that we have plenty of refinery capability to make the gasoline, so that is why gasoline prices have dropped. But whaaa?? Until now they have been saying the reverse - that there was an acute refinery shortage in this country. So that's why gasoline prices are going up. But shouldn't that make crude oil go down? If I have crude and can't find a refinery for it, I can't put it in my gasoline tank. It becomes worthless. Now they are saying there is plenty of refinery capacity. In fact, we now have 208 million barrels of gasoline in this country, or 10% more than last year. So which is it? I think we may be being lied to.

One problem with assessing the severity of this oil shortage is sorting out the truth from the fiction in the media.