There are a lot of places we haven’t even looked for oil. Who knows how much lies under Antarctica?
“The problem is that we hit peak-intelligence about 30 years ago.” Bill Wattenberg(only conservative KGO radio host)
Oil Shale included in this?
The reserves are not growing. The known reserves MIGHT be growing.
I should paste this article over at “The Oil Drum” site and stir the hornet’s nest. That mutual admiration society of doomers would hit the roof, er...peak of angst.
Oil today was created by a large biomass in ancient times, a VERY large biomass. This biomass was created by a large amount of co2 in the atmosphere, called today GLOBAL WARMING!!!
Al Gore is complaining about a system that has worked for millions of years.
Being dependent upon a nonrenewable resource which production is controlled by unstable, unfriendly govts for over 100 years is ridiculous in today’s fast-moving technological age.
Of course. 95% of them don't understand the Peak Oil Hypothesis and when it didn't seem to be happening fast enough went chasing other rainbows. Of the critics, none understand the hypothesis, which some continue to demonstrate.
bump
Peak Oil is BS, as is the Run in price... its being driven by Hedge fund futures traders manipulating a relatively inelastic good... not a lack of supply or a radical run up in demand.
Pure and simply, you are getting hosed, and no one is going to do anything about it.
Peak Oil isn’t compatible with Global Warming...so one of them had to go.
It might be noted that RBOB gasoline is now $2.19 which is up 4 cents over yesterday. You would need to buy 42,000 gallons at once to get this price.
There are oil wells in the US and especially Latin America and who knows where else that sit on massive amounts of oil that is deemed 'non recoverable'.
Some of that is due to economics some of it due to geology.
I have heard of oil feilds in specific countries that literally sit on billions in oil--but production has waned in the last 15 years. Why? Technology.
They are using technology from the late 1960's and early 1970's to pump the oil.
Now, if they refit the hole that is already in the ground and has already produced oil with this new technology, they can go deeper, they can go multi directional, and a whole other lot of things.
What was previously considered 'non recoverable' using 1970's technology is now standard procedure to bring that oil up just like with the easy stuff.
Oil doesn't always sit in neat little pools under the earth where you tap it and it gushes out. You gotta figure out how to get it out of there.