What Ever Happened to Peak Oil?

Discussion in 'Economics' started by Arnie, Sep 28, 2016.

  1. Arnie

    Arnie

    In 1957, Tulsa celebrated Oklahoma’s golden anniversary of statehood by placing in a concrete vault under the county courthouse a host of mid-20th century artifacts, including a 16mm movie, a six-pack of Schlitz better, and a woman’s purse with bobby pins, lipstick, and a pack of cigarettes that retailed for 50 cents a pack.


    The beer was packed into the trunk of the time capsule’s centerpiece: a spanking new 1957 Plymouth Belvedere Sport Coupe. It was all to be unearthed in another 50 years, so the organizers included a commodity they figured might not be around in 2007: five quarts of motor oil and 10 gallons of gasoline.

    For more than two generations, schoolchildren were assured by their science teachers, elected officials, and the media that the world’s supply of oil—the great fuel of America’s car culture, not to mention U.S. economic prosperity—was finite and would soon be exhausted.

    This perception that we would run out of oil, and sooner rather than later, became more than a theory, one that went by the name “peak oil.” It became a kind of catechism. It was included in the prayer books of the environmental movement and incorporated into the legislative history and language of U.S. federal energy policy. It became an underlying basis for everything from Jimmy Carter’s admonition to turn down the nation’s thermostats, the enactment of 55-mile-per-hour speed limits, and federal mandates on gasoline standards for cars and trucks.

    Today, the question is how policymakers should one react when the conventional wisdom is proven so spectacularly wrong, as is the case here.

    Read more here........

    http://www.realclearpolitics.com/articles/2016/09/28/whatever_happened_to_peak_oil_131909.html
     
    Vaering likes this.
  2. Yes that's right! The world's supply of oil isn't finite, it's *infinite*. Wake up people!
    [​IMG]
     
    lawrence-lugar likes this.
  3. dealmaker

    dealmaker

    “THE Stone Age did not end for lack of stone, and the Oil Age will end long before the world runs out of oil.”
    -Sheikh Zaki Yamani
     
    DallasCowboysFan, SunTrader and java like this.
  4. java

    java

    We were at peak oil the day Henry Ford rolled Tin Lizzy out of his garage. We are using it faster than the earth can create it.
     
  5. achilles28

    achilles28

    Search up the threads. Lots of peakers on ET still around. Got their ass handed to them in the great commodity bust of 2010
     
  6. It seems fairly obvious that the financial press are a big part of the "pump n dump" schemes with regards to their breathless reporting at significant turns in the markets...

    Just a few short weeks ago, after the Labor Day holiday, they were pushing the "ECB buying equities" meme (as if this were something new and groundbreaking)...just more scheming to get the herd on the wrong side of the market.
     
  7. Surgo

    Surgo

    Kind of a strange article and strange discussion. That there is more supply found now doesn't mean that there will be more supply available forever, and that it's being used faster than it can be replaced is certainly not up for debate. We can only hope there is enough supply to last us until we find a better energy source (which is a tall order because oil is a fantastically good energy source on a number of axes). I hope that in a hundred years we aren't looking back and saying "They had all that amazing material for creating plastics, and what did they do? They burned it!"
     
    777 likes this.
  8. bone

    bone

    IMHO this is not an indictment of "Peak Oil" in as much it's an indictment of how shitty the media has been in terms of investigative journalism. The subprime mortgage crisis and the manifold ponzi scheme hedge funds being two nice case-in-points.
     
    Surgo likes this.
  9. Pekelo

    Pekelo

    Sir, just like the OP, you are an idiot. Luckily for you, here I am to explain it like you are 5:

    Peak crude oil (and that is what we meant by peak oil) happened back in 2008. That means we are not producing more crude oil now or in the future than the peak back in 2008. Period.

    Now there are other oil substitutes (shale, oil sand, etc) that can be used eventually as crude, but the prediction wasn't about them.

    https://en.wikipedia.org/wiki/Unconventional_oil

    To use an analogy so simple minded people like you would understand, if a bar runs out of beer, there are still there wine and hard liquor to get drunk from, but they aren't beer.

    TL;DR: Peak crude oil happened as predicted back in 2008. Now go fuck yourself you imbecile anti-science people...
     
    Last edited: Sep 28, 2016
  10. clacy

    clacy


    Sorry, but I don't remember the work crude in there 10 years ago. Sounds like you just moved the goal post.

    I tend to think the global warming alarmists will be obfuscating and rewriting what they said 25 years from now too.
     
    #10     Sep 28, 2016
    MKTrader and traderob like this.