User 209166

Oil, Gas, Electric Cars, the Market and the Economy

>>>Peak oil is crap theory. There is a lot of oil in the
>>>ground. It's harder to reach than what we had 10 years
>>>ago...

Uhh, the Peak Oil Theory says that there's plenty of oil in the ground, but the challenge is getting it out of the ground and producing it at an increasing rate.

Offshore Drilling Isn't the Answer - Supply and Demand Is

>>>And, as others have already pointed out, where
>>>in the world did you come up with the 10-year figure?


The 10y figure comes from the government.
www.eia.doe.gov/oiaf/a...


>>>There is some sense in the article but drilling or even
>>>planning drilling would place huge downward pressure
>>>on expectations.

There's about 18bn bbls of potential oil reserves in the U.S. offshore shelf. The world consumes somewhere north of 85bn bbls PER DAY, with the U.S. accounting for about 25%, or roughly 20bn bbls per day. What we have is a literal drop in the bucket. It's hard to see how producing it would have any impact on prices.