is peak oil bogus

http://www.elliottwave.com/club/default.aspx?aid=2568

"The Peak Oil bulls never tire of listing economic forces that will cause oil to go up for decades and centuries. Never mind we did not hear about this when oil was $10 a barrell; now it's fashionable. But there is a far more fundamental aspect of economics that the bulls are ignoring." – Robert Prechter

"Is the Price of Oil Really High?" is an exclusive PDF excerpt from the August 2006 Theorist. Eight pages of eye-opening analysis, including nine unique charts, explore what's really behind the price of oil and where it may be going.