The oil industry works like industries are supposted to from Econ 101: at $150 oil like there was in 2008, there is a lot more oil that becomes economically via

The oil industry works like industries are supposted to from Econ 101: at $150 oil like there was in 2008, there is a lot more oil that becomes economically viable than the $100 oil now, or the $30 oil in the early 2000's (off-shore, oil sands, and fracking). The article seems to say that the recession was caused by a peak in oil supply - I would suggest it is instead made a peak in oil demand (or rather the downward slope on the other side of the peak). They are probably correct that cheap oil is done - the oil sands in Alberta, Canada are viable only when oil is above about $70/barrel. Of course when the price goes up, demand drops, so the need for higher production goes down. In my opinion peak oil isn't the question: what we should be asking is how do we want to change our industies and lifestyles to reflect that energy is more expensive than it has been.