[Peakoil] Crikey blog asks if PO is a non-event

[Alex Pollard]

http://blogs.crikey.com.au/theurbanist/2012/07/24/is-peak-oil-a-non-event/


I responded to a comment with:

Peak Oil is a theory concerning the production of oil, an increase in
efficiencies and substitutes for oil will not improve oil production. Peak
Oil is not primarily concerned with the demand curve, oil being such great
stuff, it pretty much assumed demand would grow to match supply (Hubbert
predicted a peak around 2000, but the Middle East oil embargo put the peak
off). The current oil-induced global depression has dampened demand, but
that will just make the bumpy plateau we are on longer-lasting, but not
increase the global maximum production rate. Investment decisions by
suppliers are constrained by the maximum rate of extraction in each field,
summed over the globe as fields come in and out of use, this leads to a
roughly bell-shaped curve. We have used one trillion barrels, and there
are about another trillion left of harder-to-get oil with miserably low
ratios of Energy Return on Energy Invested. The rise of tight oil is the
beginnings of this quest for the dregs. Peak Oil critics unfortunately
can’t see the forest for the trees.
_________

Interested to know if I have mistated anything.

Alex


O4O4873828
ACT Peak Oil Inc.