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Not sure why the downvotes, because you’re directionally-correct; exploration shifted to onshore nonconventionals (fracking, tar sands) and more complex convent
by HillRat 5y ago
Not sure why the downvotes, because you’re directionally-correct; exploration shifted to onshore nonconventionals (fracking, tar sands) and more complex conventional offshore wellplans, plus investments in improved recovery from producing wells. These have been wildly successful approaches in economic terms, but they were definitely in reaction to a loss of easy-to-access oil formations.
- Spooky23 5y agoThat’s market forces at work. Someone in 1910 in Pennsylvania or Western NY would be concerned about peak oil from the standpoint that trivially extractable (by todays standards) oil was running out and is most out today. That drives prices up, drives higher risk exploration, and ultimately exploitation becomes operational and cheap. This drives the price down like any other commodity business.