how many wells are capped right now due to the low profit margin simply waiting to be tapped again when the price rises again???Hubbard’s Peak is always 10 years away.
The sky is falling!
Remember, Iran is stilling on a MASSIVE amount of crude oil yet to be tapped. As such, we're still a long, long way from depleting the Middle Eastern oilfields.
I will believe the former CEO of Shell before anybody. He said that we have enough in our KNOWN reserves for centurys at the present use.
He also said that in the next couple of decades or so, we will have alternative energy methods for transportation.
“Peak oil is now.” German Energy Watch Group –2008
“By 2012, surplus oil production capacity could entirely disappear..…” U.S. Department of Defense –2008 & 2010.
“A global peak is inevitable. The timing is uncertain, but the window is rapidly narrowing.” UK Energy Research Centre -2009
“The next five years will see us face … the oil crunch.” UK Industry Taskforce on Peak Oil and Energy Security –2009
This is just another prediction falling into the same category as weather forecasts, market predictions and global warming BS.
Not even good click bait.
Then I suggest you purchase Exxon stock. They are betting another $20 billion in the Permian basin.
Between worldwide falling birth rates and the rise of electric vehicles, the price of oil will crash in the early 2020s. It will never recover.
how many wells are capped right now due to the low profit margin simply waiting to be tapped again when the price rises again???