[Eala]

But additions to proven reserves have virtually stopped

Huh? Really? I thought I'd read about new finds, and new ways to extract oil that was not economically feasible to extract before.

[RolandBurnam]

bring on oil depletion. Insane arabs will have no more power, and we will build more nuclear plants and drive the lefties nuts.

[Paleo Conservative]

"But additions to proven reserves have virtually stopped"

Huh? Really? I thought I'd read about new finds, and new ways to extract oil that was not economically feasible to extract before.

But even if we were not adding anything to reserves, the author does not understand the economics of natural resouces. If total reserves are fixed and being depleted, oil prices and energy prices in general would go up over time at the rate of interest. As the price of oil gets higher, substitutes get relatively cheaper. This process has occurred many times previously with other natural resources. The reason Britain switched to coal in the 18th century was the depletion of forests for fuel and other uses.