[paulat]

The problem is in the last paragraph:

Cheney also said that gasoline prices today, adjusted for inflation, are about what they were in the early part of the last century."

Should read LATE part of the last century.

I posted a comment to the story, and UPI may fix it.

[LegendHasIt]

To beat thev lefties to the punch:

With a name like Eric Cheney, there just HAS to be a Haliburton - BushHitler connection, therefore making this whole article a lie to give more tax money to Big Oil.

;-)

/snarkiness off

[gcruse]

If a geologist named Gold is correct, and there is evidence that he is, the earth is still making oil so what we have now isn't all there will be.

[razzle]

I think you are wrong since the Model T began production in 1908. It is now 2006. Early part of last century is correct.

[kinoxi]

Oil has always been created. That is why we can mine it. The consumption seems to be overtaking the replenishment process. I like nukes.

[thackney]

adjusted for inflation, are about what they were in the early part of the last century."

Should read LATE part of the last century.

Actually, neither is correct.

[Mrs.Z]

I'm old enough to remember the 50's. Gas was about 20 cents and my dad's yearly income was about 15K. (upper middle class in Texas)

Move the decimals on both one to the right and you have my husband and me with about the same standard of living today as then. (That first color TV was about 1/3 of a car then!)

[Balding_Eagle]

I've said for years, "the world is awash in oil"

It's good to have others with more specific knowledge and more infored opinions confirm that.

[beyond the sea]

http://www.the7thfire.com/Politics%20and%20History/peak_oil/is_peak_oil_a_myth.htm ---

Finally, a word of caution on the essential fragility of a study on the very long-term future for the world's energy supply which accepts without question the validity of the original 18th century hypothesis that all oil and gas resources have been generated from biological matter in the chemical and thermodynamic environments of the earth's crust. There is an alternative theory - already 50 years old - which suggests an inorganic origin for additional oil and gas. This alternative view is widely accepted in the countries of the former Soviet Union where, it is claimed, "large volumes of hydrocarbons are being produced from the pre-Cambrian crystalline basement".

Recent applications of the inorganic theory have, however, also led to claims for the possibility of the Middle East fields being able to produce oil "forever" and to the concept of repleting oil and gas fields in the gulf of Mexico. More generally, it is argued, "all giant fields are most logically explained by inorganic theory because simple calculations of potential hydrocarbon contents in sediments shows that organic materials are too few to supply the volumes of petroleum involved."

****

[IllumiNaughtyByNature]

Peak Oil Ping

[spanalot]

OMG - you mean the world is not coming to an END!!!!!

[caisson71]

I also read somewhere that a bunch of Russian scientists published a paper that says oil might also be a renewable resource.

[SamAdams76]

Actually we have 57.8 quadrillion barrels of oil in the earth presently so it will be a while before we run out.

Someday, we are going to tunnel to the core of the earth. We won't find any oil there but it will solve our heating problems for a while.

[GOP_1900AD]

He's a Cheney, part of the HAAAAAAAAliburton conspiracy ... /sarc

[raybbr]

"The most common question I get is, 'When are we going to run out of oil?' The correct response is, 'Never,'" said Cheney. "It might be a heck of a lot more expensive than it is now, but there will always be some oil available at a price, perhaps $10 to $100 a gallon."

Did he really say "gallon" and not barrel? I thought that's where the error was.

[pwatson]

Another theory is that 90% of living biomass on the planet is in the form of bacteria in the soil and earth. It has been postulated that the bacteria in the ocean crust is producing the oil.

[theBuckwheat]

>>
"The most common question I get is, 'When are we going to run out of oil?' The correct response is, 'Never,'"
<<

I would respectfully suggest that the correct answer is that the issue is the price of hydrocarbons in suitable forms and quantities. We will never run out. Indeed, we are awash in hydrocarbons that can be refined and converted into any other form we need. The only question is cost.

It appears we have run out of crude that only costs the Saudis $5/bbl to pump out. But given a high enough market price per barrel, we have more hydrocarbons in the form of coal under Illinois than the Saudis have in all their oil.

Even sewage sludge and waste from turkey slaughtering can be converted into biodiesel at no more than the present retail price.

[RightWhale]

'When are we going to run out of oil?'

This strawman continues to live and breathe even though demolished, squashed, and incinerated over and over.