In the wake of widespread discussion in the business media about whether the planet is running out easily accessible oil, the COMPAS business panel was asked for its views of Peak Oil theory. The overwhelming majority of CEOs and business leaders on the panel subscribe to the Peak Oil perspective but most believe it is impossible to predict when we will run out. The planet may not run out of easily accessible oil for a generation or so.

The vast majority expect oil prices to rise more quickly than inflation with half expecting an immense jump that then plateaus. Within 5 years, price is expected to exceed $120.

The immense jump since December and especially in May are attributed to an irrational bottom price and the influence of speculation somewhat more than to the decline of the American dollar and much more than to normal supply and demand.

These are the key findings from this past week’s Internet survey of CEOs and business leaders on the COMPAS panel. The weekly business survey is undertaken for Canadian Business magazine under sponsorship of BDO Dunwoody LLP.

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