posted on Apr, 26 2011 @ 11:10 PM
reply to post by Fenrin
The most important thing to understand about peak oil is that it isn't quite about a fixed supply of oil steadily running dry. Rather, it is about the
newly found oil becoming more and more expensive to extract. For example, oil in Saudi Arabia can be extracted for about $6 per BARREL by essentially
sticking a straw in the ground and with a simple pump sucking the black gold out. Those cheap supplies are what has peaked off and are becoming
scarce. Meanwhile, large new supplies are being found but they are quite expensive. The Canadian oil being found is basically oily sand. Removing oil
from sand is a lot more expensive than simply sucking it from a "straw" in the ground. So, supply in theory could remain incredibly high into the
future, but in reality it wouldn't be practical because there are supply & demand curves that are changing to adjust for much higher cost oil.
There is also a very large quantity of low-cost oil that exists throughout various areas of the United States, but regulatory agencies have
effectively stopped producers from getting into. So, there are a large number of factors at play.,
I'm just sharing some "peak oil common knowledge" here, and don't have the sources off hand. But yes, peak oil has passed and the quantity may not go
up again for decades. The good news is that there are several engine technologies that dramatically reduce fuel consumption coming through the
pipeline. An ATS search for "engine" will probably show some examples of that.
edit on 26-4-2011 by civilchallenger because: (no reason