Seeking Alpha: "By the end of the 20th century, Berman explained we had gone through most of the easily accessible, cheap oil available around the world. As a result, production has been driven to explore for, more difficult to extract deposits.
"Those are all perfectly legitimate sources of oil, but because of the environment, the depth, the risk of the cost, all of a sudden oil got a lot more expensive," he said.
This is the heart of the issue, as oil prices are the determining factor when it comes to peak oil. In the 1990s, in terms of 2016 dollars, oil was around a third to a quarter the price it costs today to find and produce, Berman stated. As a result, the cost of everything that comes from oil is three or four times higher than it was just a couple of decades ago.
"From my perspective, the economy runs on energy, and money is nothing more than a call on energy," Berman said.
Oil is the master resource right now, he explained. The current weak economic growth we see around the world is a direct result of this, Berman added."