Some charts to consider regarding the new energy supply vs demand balance. as oil is back above $70 per barrel today on data showing dwindling US inventories going into summer.
Production is falling away quite rapidly. The last time production was at this level the suppliers were getting about half as much for it – and exporting a lot more of it.
In the USA, miles driven are down dramatically.
Global electricity consumption is down for the first time ever.
Unfortunately, investment in renewables has been choked off by the credit crisis.
And even in a moderate downturn, the IEA is forecasting demand in India, China and the Middle East growing while that in Europe, Japan and the US continues to fall.
Update 26 Jun 09
Some good charts from Kedrosky.