Peak Oil Scare Fades as Shale, Deepwater Wells Gush Crude: Bloomberg

...the U.S. Geological Survey estimates that more than 2 trillion barrels of untouched crude is still locked in the ground, enough to last more than 70 years at current rates of consumption. Technological advances enable companies to image, drill and shatter subterranean rocks with precision never dreamed of in decades past. Trillions of barrels of petroleum previously thought unreachable or nonexistent have been identified, mapped and in many cases bought and sold during the past half decade, from the boggy wastes of northern Alberta, to the arid mountain valleys of Patagonia, to Africa's Rift Valley.

"Betting against human ingenuity has been a mistake," says Lacalle, who today helps oversee $1.3 billion as a portfolio manager at Ecofin Ltd. in London. "The resource base is absolutely enormous, so much so that we will not run out of oil in my lifetime, your lifetime, our children's lifetimes or our grandchildren's lifetimes."
http://www.bloomberg.com/news/2012-...ades-as-shale-deepwater-wells-gush-crude.html

 

But...but....but........what about peak oil?

 

http://bit.ly/wWFlgi

 

well then how come oil is still over $100?

Maybe Saudi Arabia needs to close its budget gap and uncle sam is looking the other way as long as oil is priced in USD.

SA wants high oil price due to ever increasing budget needs and US has no objection as long as it can buy oil with the paper it can print.

So they are both happy

 

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Well, there was a long pattern of moving the dates of peak oil;
but that did not seem to help the peak oil theory much.

And i am not predicting a peak or top in unleaded gas;
but some locals are still offering a cash discount....

 

Why hasn't production gone up then?

 

Finding oil and producing it are two different things.
What are the impediments to producing oil in this country?
Think hard. Any?

 

It has. Global output is over 90 million bpd. That's a new record. Says right there in the article.

 

oil will never run out

Gradually oil price will go up and profit hungry companies will find deeper more expensive fields to extract oil from

As long as oil price goes up, there will be no shortage

 

Happened already, welcome to the club! That's why we are talking about shale (not exactly crude oil, if you catch my drift) and deepwater drilling (super expensive)...

You have any other questions?