Oil may get more expensive. Oil may cause pollution, depending on how it's used. We may at some point find a way to use something else.
But we are not going to run out of oil. That handsome Mark Perry has some facts for us.
But we are not going to run out of oil. That handsome Mark Perry has some facts for us.
3 comments:
Mark Perry has never looked into the economics of shale production and has ignored the fact that the global production of light sweet crude peaked half a decade ago. You would think that an economics professor would notice that shale production increases have come from an explosion of debt on balance sheets or that the depreciation costs diverge from the well production data. When you see a company write off a third of the cost of a well when its production data shows that half the oil has been extracted it might make some sense to start paying attention.
Peak Oil is Peak Idiocy
Seems very harsh. I would put it this way, we use so much petroleum because it is so cheap and it looks to people in the industry that it will stay cheap for at least 10 more years."
There have to be hundreds of ways to cut petroleum consumption and increase production but we only use those that are economical at the current price.
Peak oil isn't running out of oil but precisely what is shown in the article, i.e., the use of shale.
The bad news:
http://www.slate.com/articles/health_and_science/science/2013/02/u_s_shale_oil_are_we_headed_to_a_new_era_of_oil_abundance.html
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