Remember “peak oil” was another global warming style scam.
“Peak oil” is NOT a scam. The cost of getting oil out of the ground in ever-dwindling amounts is growing every year. The E&P oil industry is continually racing to drill more & more wells to make up for the rapid depletion of those recently drilled. When was the last time you heard of a super-large deposit discovery that wasn’t inaccessible by conventional means, requiring hugely expensive technology to reach? The whole industry is built on debt, and the collateral, the oil, is barely worth drilling for at $60/ bbl, let alone $20-$30. This too shall bust. BTW, the EIA estimates of fracked well capacities has been wildly off the mark for years.
If you want to make a leftist head explode, tell them that peak oil was a lie created by evil oil companies to make even bigger profits.
Remember “peak oil” was another global warming style scam.
“Hubbert’s original prediction that US peak oil would be in about 1970 appeared accurate for a time, as US average annual production peaked in 1970 at 9.6 million barrels per day and mostly declined for more than 3 decades after. However, the use of hydraulic fracturing caused US production to rebound during the 2000s, challenging the inevitability of post-peak decline for the US oil production.”