Wednesday, July 10, 2013
So Much for Peak Oil
Malthusian fearmongers just can't absorb the fact that when free markets are allowed to operate creativity abounds and supplies of goods (or substitutes) rarely remain constant. Most recently, the fearmongers were warning about "peak oil." Fracking and shale oil processing have destroyed the fearmongers argument. Below shows the remarkable growth in domestic oil supplies, which has dramatically cut the need for imported oil.
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Sure, fracking. How long can that possibly last? Have you looked into the decline rates of wells in the Bakken? I doubt it. You might want to look into those before you start crowing about the death of Peak Oil.
ReplyDeleteHave to disagree about that. The very fact that fracking, ultra deep water drilling, etc. is going on is proof that peak oil is for real. Nobody would bother with either of those techniques if there was plenty of oil in the easy to drill wells.
ReplyDeleteAlso, if there is so much oil being drilled, why is oil the highest it's ever been except for that brief spike in 2008?
Now I do agree the free market is the best way to cope with peak oil. And there is no way to be sure what kind of technologies will be invented, or what kind of energy source will become economically viable.
Rob, to be meaningful, this chart would have to go back to the early 70s, which is when oil production in the U.S., yes, peaked.
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