There is a "peak oil" since oil is a finite resources, however, any decline in production is going to be very, very gradual and won't happen for a long time. We still have something like 80% of the Earth's surface to search for oil plus we haven't started looking for very deep sources of oil on land so there is a lot of room for more oil to be out there.
What will happen is the cheap and easy oil to recover will run out and we'll have to go to more and more romote locations to get our oil and the price will rise because of that extra cost.
What will happen is the cheap and easy oil to recover will run out and we'll have to go to more and more romote locations to get our oil and the price will rise because of that extra cost.
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