Is the theory of Peak Oil just a way to keep the price of oil artificially high, AND what will happen if we learn that oil is forming all the time and has nothing to do with anything transpiring millions of years ago?
Or, say, what will happen to the global economy once there is an unlimited source of FREE energy??
In 1914, the Bureau of Mines said U.S. oil reserves would be exhausted by 1924. In 1939, the Interior Department said the world had 13 years worth of petroleum reserves. Then a global war was fought and the postwar boom was fueled, and in 1951 Interior reported that the world had ... 13 years of reserves. In 1970, the world’s proven oil reserves were an estimated 612 billion barrels. By 2006, more than 767 billion barrels had been pumped and proven reserves were 1.2 trillion barrels. In 1977, Scold in Chief Jimmy Carter predicted that mankind “could use up all the proven reserves of oil in the entire world by the end of the next decade.” Since then the world has consumed three times more oil than was then in the world’s proven reserves.
The concept of “running out of oil” or “Peak Oil” is contrary to basic, natural laws of economics.
You don’t ever really “run out” of any resource or commodity. It just gets more expensive to extract. As the prices go up, previously unattainable deposits become financially viable.
At some point, the costs & prices lead the consumer to choose an “alternative”.
The leftie/greenies want to get to this point artificially through mandated taxes, regulations & subsidies.