This also totally ignores oil shale and tar sands. There is a butt load of oil in the world. Its just not currently economically feasible to extract. Currently!
Not to mention coal and natural gas...........
——This also totally ignores oil shale and tar sands. There is a butt load of oil in the world. Its just not currently economically feasible to extract. Currently!——
Although the first ventures in the Canadian oil sands date back to 1913, the Suncor project went online in 1967 and still operates today. There currently are many producers in this field and area.
Oil Sands History
http://www.syncrude.ca/users/folder.asp?FolderID=5657
P.Cera reckons that oil output, including unconventional oil, such as tar sands, could allow oil to peak at much higher levels of as much as 112 million barrels per day, with average rates of more than 100million bpd.
No one, including peak oil theorists (which I'm not), would disagree with this. As conventional oil declines, we will substitute alternatives. The issue is whether unconventional oil, which is somewhat move expensive, will be the price winner vs. other alternatives coming online.