Peak Oil...wait for it...wait for it

When is this damn Peak Oil thing going to happen? Oil production is still rising.

If you are going to run a scam like this you must make sure that your previous predictions are removed. This article, admittedly from the Guardian, but only 6 months old says:

The German-based Energy Watch Group will release its study in London today saying that global oil production peaked in 2006 - much earlier than most experts had expected. The report, which predicts that production will now fall by several percent a year, comes after oil prices set new records almost every day last week, on Friday hitting more than $90 (£44) a barrel.

Hasn't happened yet. Many would argue the oil price is rising partly due to uncertainty about supply, given that many of the world's major oil exporters are dodgy in one way or another.

1. Iraq is recovering from a war and has terrorism problems
2. Saudi Arabia is no democracy, and terrorist threats remain
3. Nigeria is a basket case
4. I could go on

But are we really running out of oil? Shell doesn't think so. Neither does recent news support this:

1. Brazil just found a massive amount of oil
2. We did too and it could be huge
3. Iraq seems to be stabilising
4. Canada's oil reserves are now estimated at 179.2 billion barrels thanks to the oil sands, up from about 8 billion barrels 5 years ago - making them second only to the Saudis
5. A big oil find in the US of up to 15 billion barrels

No, we will end the oil age before 2100 with trillions of barrels of unwanted oil still in the ground. They won't be able to give it away.

Comments

[scrubone]

The current histeria is fantastic, because people are drilling like crazy for oil. In a few years, we're going to have oil that's so cheap it's not funny.

Gotta love the oil sands - if the price goes about about $60/barrel the world reserves triple. Nice.

[The Optimist]

When oil was $10 a barrel The Economist predicted it might hit $5, on the basis that Saudi can pump it out at a cost of $2 a barrel. At $100 I have heard that even hydrogen is viable - in other words this is a bloody high price. Surely it can't last.