by JoeW » Fri 29 Apr 2005, 14:25:36
The US nearly ran out of buffalo.
The economist's argument about running out shows that he fails to understand the problem. The problem isn't about running out, it's about the ability to keep up the monumental task of bringing almost 10^8 barrels of the stuff to market day after day when it's getting harder to find, in harsher environments, and in smaller reservoirs.
Tell the economist to draw a graph that starts at x=1800, y=0, ends at x=2500, y=0 and has some positive numbers in between, but has no maximum.
It is mathematically impossible to do so. If x is years and y is oil produced that year, then you have just shown him the most basic concept of peak oil theory. Whatever shape the curve has, oil production will have a peak value.
The rest is a matter of modeling based on observation, and prone to error. No one can predict with certainty when the peak will happen, or what the consequences (if any?) will be, but it is mathematically impossible to avoid.