I have no horse in this race. However, the debate about Peak Oil goes on, though you hear less about it now that oil is no longer at $147 barrel (for now).
[P]erhaps the most misleading claim of the peak-oil advocates is that
the earth was endowed with only 2 trillion barrels of “recoverable”
oil. Actually, the consensus among geologists is that there are some 10
trillion barrels out there. A century ago, only 10 percent of it was
considered recoverable, but improvements in technology should allow us
to recover some 35 percent — another 2.5 trillion barrels — in an
economically viable way. And this doesn’t even include such potential
sources as tar sands, which in time we may be able to efficiently tap.
Oil remains abundant, and the price will likely come down closer to the historical level of $30 a barrel as new supplies come forward in the deep waters off West Africa and Latin America, in East Africa, and perhaps in the Bakken oil shale fields of Montana and North Dakota.
Oil remains abundant, and the price will likely come down closer to the historical level of $30 a barrel as new supplies come forward in the deep waters off West Africa and Latin America, in East Africa, and perhaps in the Bakken oil shale fields of Montana and North Dakota.
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