[Lion's Cub]

Rubbish.

[Uncle Miltie]

I remember my science class in the '70s receiving the same "limited resources" indoctrination. Due to declining oil availability I was supposed to be riding my bike to work BY 2003! Instead, I zip along at 70 Miles Per Hour, and 32 Miles Per Gallon (OF OIL DERIVATIVE GASOLINE, YOU DUMMIES). WTF do they think I'm running on, cold-fusion?

When we get around to a serious look in Khazakstan, western China, offshore Africa, ANWAR, etc., we'll find billions of more barrels. The only thing limiting production is ENVIRONMENTALIST WACKOs.

Some many generations from now, oil will actually be depleted. By which time nuclear will work just fine. Or, my geology friend says there is more coal under one county in Wyoming than all the Oil in Saudi Arabia.

[Uncle Miltie]

"Clearly a major supply and demand imbalance is in prospect"

Another dead giveaway of stupidity. Econ 101 correctly teaches that the only way for there to be a "supply and demand imbalance" is if the government imposes price controls. Otherwise, if supplies are low, prices rise and voila! No imbalance.

What dolts.

[ginle]

Nice post Ahura Mazda

Standard oil site saying: 'used 1 trillion barrels, 1 trillion to go.'

1 trillion divided by current consumption of 75 million barrels per day = about 35 years of oil left.

A good site:
http://www.bp.com/centres/energy2002/oil/reserves.asp

(and I'm beginning to sound like a worn out record)

[WhiteGuy]

"The resulting economic shocks will rival those of the 1970s, as oil prices "could double and treble within 2 or 3 years as the world changes from oil abundance to oil scarcity. The world is facing a future of major oil price increases, which will occur sooner than many people believe," that report concluded."

Boy.......who ever controls all that oil in iraq and saudi arabia sure is going to clean up in the next 5 years.....

[RightWhale]

Sooner or later cheap oil will be depleted. The price of oil will increase. The question is when.