Comment 60430

By JasonAAllen (registered) - website | Posted February 28, 2011 at 21:31:32 in reply to Comment 60413

No... oil prices are high because the bottom sludge they are pulling out of the tar sands, or the light sweet crude they are drilling 3 miles below the ocean floor off the coast of Brazil is considerably more expensive to get at - AND because the cheap/easy to get to/easy to refine oil is now in decline - at least according to the International Energy Agency. The price of oil has nothing to do with monetary supply, but rather...wait for it...oil supply. There simply isn't enough cheap/easy to refine oil left to satisfy world demand at a price that will enable the economy to grow in an unfettered way.

Why is that so hard to understand?

The Earth stopped making oil several hundred million years ago. We currently use 86 million barrels a day. That's almost 15 billion litres a day. Doesn't it stand to reason that if we pull that much oil out, and production stopped 100 million years ago, that sooner or later we're going to run out? And now ALL of the geological evidence is pointing to just that fact?

I know what we're going to be facing is not going to be fun, but the arguments against Peak Oil at this point amount to little more than someone with their hands over their ears shouting "LA! LA! LA I can't hear you!" Frankly, I find it baffling.

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