Saildog

Stephen Schork: More Upside in Oil

I have no idea who Schork is, but he hasn't a clue about oil production, or about Peak Oil that he supposedly doesn't believe in. There is no dispute that high prices will enable oil to be found. That is not the point. Finding it is not producing it. Production is what matters; and it cannot be increased from the 85m barrels per day range we have been in since 2004. Note also it doesn't matter why it cannot be increased. Whether the reason is geology, politics, lack of investment, war or what ever. It doesn't matter. Peak Oil is now a past tense term and I suppose 10 years from now, when production will have drifted down by 5 or 10m bpd that Schork and his ilk will still be arguing that production can be lifted.