About Peak Oil:

[CrONoS]

Reading the wikipedia entry about peak oil:

http://en.wikipedia.org/wiki/Peak_oil

I have seen this chart:

http://upload.wikimedia.org/wikipedia/commons/5/58/Hubbert_US_high.svg

Which is used to show Hubert estimates about the USA

My question is:
1) What's your opinion about peak oil?
As for myself I believe there will be a oil extraction plateau(for economics and technological reason), where the price of the crude will go up, but we will move more into the more deep ground or ocean to extract it.

2) Why is the chart below valid?
I think the graph is flawed because U.S.A have regulation on offshore extraction of oil. If tomorrow the congress unban offshore extraction, the U.S. peak oil extraction will disappear, and USA could rise again his extraction of crude oil.

Thanks for sharing!

fakeASHER

[Imran Siddiqui]

As for myself I believe there will be a oil extraction plateau(for economics and technological reason), where the price of the crude will go up, but we will move more into the more deep ground or ocean to extract it.

That's my view. There are right now environmental limits on drilling and also as the price increases, more techniques become more economical, where with cheap gas they wouldn't be.

[PLATO]

Originally posted by Imran Siddiqui

As for myself I believe there will be a oil extraction plateau(for economics and technological reason), where the price of the crude will go up, but we will move more into the more deep ground or ocean to extract it.

That's my view. There are right now environmental limits on drilling and also as the price increases, more techniques become more economical, where with cheap gas they wouldn't be.

I wonder if economies of scale would actually bring the price down once the higher (currently) priced methods of extraction became more common.

[Jon Miller]

For most of us, would these things just put peak oil farther away in our life times? It doesn't solve the fundamental problem of a growing demand and limited supply.

JM

[Kuciwalker]

Peak oil is meaningless. By the time it actually happens, the price will have risen so far that we'll have moved on to other things. We're already seeing this.

[Jon Miller]

True, it isn't something to panic over. I am just saying that there will reach a peak in our oil use assuming we don't discover some effectively unlimited source for it.

JM