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However, several cracks have started to appear in the fossil fuel (and hence, the peak oil) theory: some oil fields seem to be re-filling almost as fast as they are being drained. The Wall Street Journal reported the case of Eugene Island 330, an oil field in the Gulf of Mexico, which hit peak production of 15,000 bpd, slowing to 4,000 a day by 1989.
"Then suddenly -- some say almost inexplicably -- Eugene Island's fortunes reversed. The field... is now producing 13,000 bpd, and probable reserves have rocketed to more than 400 mm barrels from 60 mm. Stranger still, scientists studying the field say the crude coming out of the pipe is of a geological age quite different from the oil that gushed 10 years ago."
Scientists observing the phenomenon say the oil field was being topped up from below, through a complex system of fissures and geological faults. According to Dave McGowan of the Centre for an Informed America, this is not news to Russian and Ukrainian scientists, who have published hundreds of academic papers on the abiotic origins of oil.
Western scientists have attempted to leap the evidentiary gulf by claiming that oil can be both organic and abiotic in origin, but not according to J.F. Kenney, an American who studied with the Russians and replicated in a laboratory the chemical processes occurring within the Earth's upper mantle.
Kenney says there are more than 80 oil and gas fields in the Caspian district alone, which were explored and developed using the abiotic oil theory. This supposedly helped Russia overtake Saudi Arabia as the world's largest producer of crude oil in 2004. Though evidence is hard to come by, Russian oil producers have reportedly struck oil at extreme depths, as much 40,000 feet below the Earth's surface. Western oil companies limit their exploration to a depth of six miles.
According to the abiotic theory, oil is present in abundance in the rocks below the Earth's surface, one just has to drill deep enough.
Some political commentators have invoked Campbell's hypothesis in an effort to explain the US foreign policy agenda in the Middle East and Venezuela, one of the world's leading oil producers. Once largely self-sufficient in oil, US production peaked in about 1970 and has been increasingly reliant on imports since then. Though the US denies the war in Iraq is about oil, the invasion script called for a quick victory, a friendly reception from Iraqis and a deluge of Iraqi oil on the world market. The Iraqi resistance blighted all of these prognostications.
McGowan imputes sinister motives to the oil companies' denial of the abiotic origins of oil: the creation of an artificial scarcity intended to boost prices and profits.
Originally posted by DataWraith
This sounds like the restuarant in my old office building here in the UK.
The food was great to begin with, then they put up the price a little due to 'tax rises' , a few people stopped buying, so they put up the price a little more to conterbalance the people who weren't buying.
Then a few more people stopped, so up went the prices again.
More people stopped buying then the prices upped again, soon the restuarant went out of business.