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I don't think that's fair. Our methods of determining oil reserves and our technology to extract oil from previously un-economic raw materials (shale oil, tar s
by pm90 7y ago
I don't think that's fair. Our methods of determining oil reserves and our technology to extract oil from previously un-economic raw materials (shale oil, tar sands, heavy crude) have improved dramatically, which is the main reason for the glut of oil that we see today.
- nickik 7y agoThat what brought the price down. But there are huge known fields in the Golf and other places that have major potential, but those are rationed by a cartel.
- prepend 7y agoGood point. I think the challenge is trying to figure out what is BS put out by the oil companies (that never showed peak oil) vs BS put out by other people (that I guess inaccurately failed to include technology improvements in their forecasts). I think the part that is fair is the belief that we would run out of oil to the point that we wouldn’t be able to make plastics. That’s just me not taking into account of the supply demand curve where plastics would be able to use oil even if we were not able to affordable fuel cars.