‘Peak Oil’ Argument does Not Account for Nontraditional Sources

The world is not running out of oil, and fears of “peak oil” are prompted more by outdated reserve reporting requirements than anything else, an industry analyst told a U.S. House panel today.

Robert Esser, senior consultant and director of global oil and gas resources for Cambridge Energy Research Associates, said his firm’s field analyses and experience with geology shows “a substantial buildup of liquid capacity over the next several years,” from so-called nontraditional petroleum sources that will become more common over time.

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