Have We Reached Peak Oil?

Over the past year, American drivers have found themselves longing for the days when two dollars per gallon seemed expensive. Oil prices are rising at an unprecedented rate, and as a result, many are questioning whether the Earth's available oil supply has reached its peak. Are there still oceans of oil awaiting our discovery? How much pain you'll be feeling at the pump in the future depends on the answer.

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Have We Reached Peak Oil?

Typical Economist viewpoint

I am an engineer in the energy industry. Studying the business led me to the thoery of peak oil. The arguments are very sound and I have come to believe the theory. The most persuasive chart is the amount of oil discovered over time, this peaked in the 1960's. All those big discoveries are now in decline, Cantarell being the most obvious (and frightening). Having dealt with both NOCs and IOCs, the difference in how they operate is astounding! With the exception of Brazil, the NOCs cannot move projects along except at a snail's pace. It is a wonder that they can keep their assets operating at all. And they control 80% of the reserves! The point of my headline is that economists do not understand the underlying science of oil extraction and production and are thus wrong nearly 100% on this subject. Peak oil is here, mostly thanks to resource nationalism.

- Stevenkay July 25, 2008 5:39AM

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