Gigem77

The 'Peak Oil' Myth: New Oil Is Plentiful

This is from the same guy who said in April that it was time to buy the S&P 500. Hmmmm..

Peak oil means production has reached zenith, not that we are running out. So get the definition right, please. Otherwise it's just another "straw man" argument.

It's great to list all of the new projects. That gives people some ideas about investment possibilites. But how about including the concepts of demand, decline and depletion? The world is burning 30 billion barrels per year. Demand has proven to be very inelastic as price approaches $150 per barrel. Existing fields are being depleted and their rates of production are declining. Are we finding 30 billion barrels per year? How fast are the new fields being brought to production and at what cost?

SavingAlpha keeps publishing shallow, cheerleader type pieces that demonstrate a poor grasp of the subject. Try the oil drum or one of the Investor Village boards (brys, cwei) for some depth. www.theoildrum.com/