Here I thought oil was over a hundred bucks/barrel a year or two ago. Must not have been if "Never in the history of commodities did prices decline after production peaked." I think your statement has been proved wrong many times when a commodity has been replaced in it's use. Whale oil? Non-modified seeds? Obsolete farm animal breeds, ie dairy cattle, low milk and butter fat production ones like Brown Swiss? Once replaced with new cheaper alternatives, prices can fall on any commodity.
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