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Here we go again, confusing "peak oil" and "cheap oil". It doesn't matter whether we are past peak oil or not. What matters is that we are definitely past "cheap oil". The oil that these wells produce will not be cheap. It would have made a much better post if you gave us an idea of what will be the cost of this oil.
Dec 03 10:27 am
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All Comments by Road Runner »Shell's New Oil Well Shows Fossil Fuel Crowd Not Standing Still [View article]
As soon as we get the world economy jump-started, oil will be back over $70/barrel (the price many oil analysts say is the current world-wide cost of production) and heading to $100/barrel (when demand is fully back).