“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.
It will depend on consumption, it’s a renewable resource. Like trees, it comes back over time.
ROFLMBO. Cute little rebuttal, but waaaaay off the mark in just about every way. There are more proven reserves today than there were 20 years ago when the Left came up with that "peak oil" canard.
The industry is not "built on debt", it is flush with cash. Jobs in the industry pay more than any other, land leases pay top dollar, and they aren't begging DC for handouts all the time.
As for new discoveries, just because you personally haven't heard about them, doesn't mean that they do not exist. http://instituteforenergyresearch.org/studies/new-oil-finds-around-the-globe-will-the-u-s-capitalize-on-its-oil-resources/
Further, if some enterprising young engineer finds a way to efficiently extract the oil sands at the Canadian border, then Canada instantly has more reserves than Saudi Arabia overnight, and become the world's first trillionaire. You think people aren't working on that?
Finally, the deepest well ever dug was less than 5 miles deep. The earth's crust is 20 miles deep. Do you seriously believe that we've found it all already? ROFLMBO!!!
The concept of “peak oil” as sold to us by by the liberals that use the term certainly is a scam. Not only do we have the “fracking” and 4 D (the 4rth being TIME) underground seismic imaging that have added centuries worth of domestic oil (now profitable at $50 per barrel and over) to what is available we also have huge swaths of land and offshore areas that HAD BEEN CLOSED TO EXPLORATION for decades.
Well yes, it is a scam.
Peak oil is essentially impossible. Why? The Earth has virtually unlimited sources of oil. The limiting factor is the cost of exploration and extraction. When the price of oil goes up sufficiently more oil will be found and extracted.
Historically proven reserves are lower when prices are too low. When prices go up proven reserves increase because the higher price makes extraction of more reserves feasible.
Oil supply and demand has always been a political problem. Most of the United States issues over the last 50 years regarding oil production have been entirely political in nature. In other words it’s the government’s fault of course.
Eventually life as we know it will cease.
Peak mankind.
You heard it first right here.