As oil prices again flirt with records, and the U.S. Energy Information Administration hustles to revise upward its forecasts for the price of oil and gas, the “peak oil” camp seems to win more converts every day. Even veteran oilmen like T. Boone Pickens say the era of “easy oil” is over. Just don’t tell the Kurds.

As Neil King reports today in the WSJ, the Kurdish region of northern Iraq is the last bastion of “easy oil,” where black pools seep to the surface and where wildcatters can strike gushers after a few months of...