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By ViennaCafe (registered) | Posted May 05, 2012 at 11:19:26
The most common definition of peak oil as used by many authors and experts on the topic is when he have reached the peak of production of easily accessible, easily refined oil. It is at that point that more difficult to access, more difficult to refine oil becomes economically viable due higher prices covering the higher production costs. The expansion of tar sands production, offshore production, and Arctic drilling are all indicators we have passed that point. It does not mean we are in any danger of running out of oil any time in the near or mid-term. What it does mean is that we will pay more to waste the precious resource in our toys and that our economies, entirely dependent on oil, will continue along on ever shorter boom and bust cycles. Read this: http://www.jeffrubinssmallerworld.com/ab...
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