PeakOilSchmeekSchmoil. Man, I thought I was negative sometimes.
BTW -- there is no evidence that oil is finite. Remember, somehow it was made and there is no evidence that the earth has stopped producing it. The recent Brazilian find underneath 5,500 feet of water, 6,000 feet of rock, and 9,000 feet of salt is casting doubt on previous theories about how and why oil is formed. Why would you think that suddenly the earth has stopped producing oil? We haven't scratched the surface of the earth yet regarding oil exploration. Remember, so much is off-limits at the current time.
Originally Posted by redviking  I disagree. Oil is a finite resource and has basically peaked. The 70s oil crisis was due to a sudden supply disruption. That is not occurring right now. There is no end in sight to the recent increases that we've seen because there is little if any spare capacity. It will take several years of investments to increase oil production. Meanwhile, the existing fields are producing less and less each year. As a result, the best we can hope for is to maintain what we have produced. Couple that with skyrocketing demand from China, India, etc., our way of life is about to change significantly in the next decade. Much more than it did between 1997 and 2007. |