In theory, it's a meaningless number. But markets are not simply mechanistic aggregators of supply and demand; they're deeply psychological. So the fact that the price of oil briefly surpassed $100 a barrel today is significant. Many people will be wondering if the high prices mean that we're finally running out of oil—that the peak that some folks have been warning about is finally upon us. FPTV recently sat down with Vijay Vaitheeswaran, who wrote "Think Again: Oil" for our November/December issue, and Robert L. Hirsch, the lead author on a famous report about peak oil, and got very different perspectives on that vital question.

Check out the video here: