redbaron

The 'Peak Oil' Myth: New Oil Is Plentiful

Finding oil, is different from producing oil. Newly discovered fields will be decades in defining, exploring, and fully developing into producing fields. During that time frame, existing producing fields will continue to decline, and it will be many years before we know the final outcome in terms of actual total daily production of oil in millions of barrels per day. These new fields may be the answer to our problems, or they may not, for many different reasons. The oil estimates may be incorrect. Or it may be too difficult, expensive, or isolated to produce. Or for political reasons, the permits not available...........or many other reasons. Ten years from now we will know how significant these new finds proved to be. To proclaim that our energy problems are now behind us from the list of facts above, is naive, and much too simplistic. It just doesn't work that way.