Remember, peaking in production, by definition, means that you have plenty of oil left. It has nothing to do with running out.…[T]he only people who ever use the phrase ‘running out of oil’ are people who either don’t understand Peak Oil, or people trying to mislead an audience about Peak Oil. Because again, if you can successfully mislead an audience and frame the argument as ‘No more oil’ vs ‘We still have oil’ – you again set yourself up for an easy debate victory. [1]
The reality—difficult as acceptance of it appears to be for some—is that by whatever phraseology one prefers, readily available and affordable conventional crude oil is no longer readily available and affordable—from the production standpoint. The energy source of choice for decades is no longer as abundant and accessible as it once was [temporary “glut” duly acknowledged], and the fossil fuel industry has had no choice in recent years but to look elsewhere and at other and inferior supply sources. To the credit of industry efforts and technological prowess, recent years [at least until recent months] have seen an uptick in production from the shale formations here in the United States.
Yet that short-lived benefit highlights another failing of right-wing philosophy in the face of Peak Oil: Yes, we’ll need all of the marvels of “human ingenuity” and great technological inventions. But those factors alone are not the solution.
Conventional crude oil’s rate of production peaked a decade ago. Finite resources drawn down daily beyond that point possess no magic qualities. Continuing to draw them down means there will be less the next day and then even less the day after.
We’re not running out. There is a lot of fossil fuel left underground. But now it’s more difficult to extract. It costs more to do so.
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