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Nobody knowledgeable in geology ever thought peak oil was an issue. Simply put, prices rose quickly in those days because there wasn't enough oil being drilled
by lenticular 8y ago
Nobody knowledgeable in geology ever thought peak oil was an issue. Simply put, prices rose quickly in those days because there wasn't enough oil being drilled for the demand. Oil prices are highly inelastic, so prices rose considerably until more supply came in through new conventional and non-conventional drilling. There's loads of oil in the ground for the right price (but for God's sake, we should leave as much there as possible).
- atomic77 8y agoAs you indirectly allude to, peak oil is an economic issue, not a geological one. Due to a combination of technological ingenuity and externalities in the form of current and future environmental degradation, we've been able to so far avoid the point where oil cannot be profitably produced for a price that consumers can afford to pay.