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Peak "conventional" oil has been reached years ago. The reason why oil production keeps rising is because Big Money finances shale oil and tar sands, both of wh
by rcMgD2BwE72F 8y ago
Peak "conventional" oil has been reached years ago. The reason why oil production keeps rising is because Big Money finances shale oil and tar sands, both of which are highly unprofitable.
For some reasons, peak oil fanatics never thought Wall Street (or the Fed?) would lend free money to money-losing ventures that are literally ruining our planet. Tell me, who are the fanatics again?
- pembrook 8y agoThey are not “highly unprofitable.” Trust me, oil companies are not doing this for charity. Of course, when the price of oil is driven downwards on purpose by the Saudis ramping up production (as it was a few years ago), these higher cost methods of extraction can become unprofitable. But the price of oil is again in a range where these methods are profitable.