"Key thing is peak oil. Peak oil production was in May 2005. Despite oil rising in price by close to 200% production has not increased, despite increased exploration."
A bit off topic for MAK but looks like May 2005 wasn't the peak, although it seemed that way for a while there.
http://europe.theoildrum.com/node/3875
fertilizer supply tight for next 4 to 6 years, page-35
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