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Yes, the hypothesis was that as the supply of readily accessible oil dwindled, the economics of extracting the remaining oil would be prohibitive, so their quot
by foundart 6y ago
Yes, the hypothesis was that as the supply of readily accessible oil dwindled, the economics of extracting the remaining oil would be prohibitive, so their quote is not perfect.
On the other hand, a sentence that could be fixed by appending "in an economically feasible matter" to the end of it does not seem like a significant problem in a brief comment about what the term "peak oil" used to mean in an article that is all about a newer usage of it.
- SAI_Peregrinus 6y agoWell, it's becoming economically infeasible to extract oil not because the cost of extraction has increased, but because the cost of alternatives has decreased enough to reduce the price of oil. So it's still the case that oil production is peaking due to being too expensive.