Saying Goodbye to Peak Oil

…But U.S. peak oil is in the past. As you can see, we’re going to increasingly rely on foreign imports in future. The danger is when the global peaking of oil production occurs. Once global oil production reaches its peak, the gap between supply and demand will widen. A direct result of peak oil will be a dramatic rise in oil prices.

As I continued reading, I found that he felt the only reason the peak oil theory was wrong was because CERA said so. Forget the hazy reserve data from the middle east, or even the declining production rates around the world.


After all, according to them, the world has well over three trillion barrels left–almost a century’s worth of oil. Why should we worry now if we have enough in the ground to last that long?

I’ve never heard of “running out of oil” as being a concern. That’s not the problem.

The problem, my friends, is that we’re running out of cheap oil. Oil is getting harder to extract. New methods to enhance recovery have had a tremendous effect on how much oil producers can pull out of the ground, but it’s not enough to keep meeting the rising demand.

Energy and Capital