Remember peak oil from the years 2001-2008? For you too young to remember, they claimed that the demand of oil would grow too big. The amount of supply would not be able to keep up with the demand. And oil would get too expensive and the world would end. This was not some theory that a few conspiracy theorists believed in. This was a respectable stance among professionals.
But what happened? Why did people suddenly stop talking about it?
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Because multiple oil sources have been discovered since that time, and many of them have incredible amounts of oil. Enough to last decades. We're not even pumping most of them yet.
Reading basic economics should be mandatory before posting on here.
Pretty much every decade or so oil barons create these crises to raise the value of oil without resistance, then with that extra money they fund exploration and constructions of pumping structures, with new sites the crisis dissolves and the price go back down again.
Peak oil, like global warming, is liberal bullshit.
The peak oil is a hoax. It's not a fossil fuel and didn't originate from dinosaurs.
It comes from the earth's mantle
>It comes from the earth's mantle
WHAT?!?!?
the fuck man.
Peak oil is a communist hoax. The entire thing is to get Westerners to live like Cubans during the 90s
People confusing known reserves with potential reserves. Basically people keep discovering new oil fields and better methods of extracting. There was never any threat of peak oil and even if peak oil would happen and the supply started going down all it would do is slowly rise prices and eventually lead to oil being replaced with other things as higher oil prices make electric cars or biodiesel more profitable.
But previous graphs included "projected new oil reserves" they failed bigly!
didn't Rockefeller pay the scientists off the year of the Geneva convention ?
I'm a petroleum engineer and although this is not my area of expertise I can safely say that you've completely misinterpreted the concept of peak oil.
Peak oil is still active to this day, but they did not consider unconventional recovery methods like fracking at that point in time. Peak oil was just delayed and graph has changed a lot.
Peak oil graph of fracking is a lot steeper though, so after the peak itself production will fall a lot faster than during conventional oil recovery methods
cont'd
Since we've found such a big percentage of the world's oil reserves and those fields have produced a lot for many years we will never come back to top production after first passing the peak.. There's only so much EOR and new discoveries can fill from the gaps left by abondoned fields.
It has now been generally accepted that the theory of abiogenic formation of petroleum has insufficient scientific support and that oil and gas fuels on Earth are formed almost exclusively from organic material.[5]
>But what happened? Why did people suddenly stop talking about it?
Supply and demand evens out the curve. If oil becomes scarce, we stop wasting it on plastic bags as the price goes up. Tesla is getting us on electric, eventually oil will be down to specific products at a high price, like every scarce resource.
And we will use alternatives instead.
Yes, it could be total bullshit. Anyway, i don't think the peak oil will come in several decades
This burger is correct. London and NYC were supposed to be underwater in 2005. We were supposed to be halfway through the Earth's oil reserves in just three decades.
>London and NYC were supposed to be underwater in 2005
according to whom?
It IS total bullshit or the petroleum geologists would've been worthless the last decades.
You find hydrocarbons by interpreting where sediments gathered millions of years ago, the amount of pressure and temperature over time the source rocks were exposed for and how the hydrocarbons further propagate away from the source rock. Not the other way around.. Or we'd be fucking awful at finding reservoirs. It would mean we've been going in blind all these years and just had an incredible amount of luck.
Listen to this man, you dimwits
This desu. People have been banging the peak oil drum for decades. I was actually a believer for a little while, after watching the Michael Ruppert documentary "Collapse" (still a great watch btw, will link it below). But frankly, the west is slowly becoming less dependent on Saudi oil and focusing on the new oil fields that have been discovered
They were lying.
This dumbass bet the whole country and his political career on peak oil, and he got his ass handed to him as result, not to mention the already weak manufacturing sector got completely fucked.
For even older fags, remember when acid rain was going to be the next biggest enviornmental catastrophe
Fracking
Now can we go back to making Vegas shooter jokes
Fracking happened and set everything back by roughly a century
the problem with future projections is they inform people in the present, changing the outcomes
A relative of mine works in the oil industry. Standard practice is to publicize the lowest estimate of new oil fields. This is because oil is a commodity and price is determined by scarcity.
Same shit goes on in the mining industry.
the peak oil crowd was 90% right wing in the early 2000s though.
It's like acidic rain during the 90s and how you would never be able to walk outside again and how everything would go to shit because it would melt.
Also they used to talk about a new ice age during the 70s.
>oil would get too expensive
It mostly is too expensive. We will not be using any petroleum fuels in 50 years, apart from stuff like cigarette lighters and RC cars.
Yes, also remember how we would have no rainforest because it takes a whole tree to make a phonebooth?
This guy has it right I believe - delayed, but the general idea is still there, just getting the date exactly right is difficult - thinking on a larger timescale, still seems pretty clear if things continue as they are.
Peak oil happened. That's why we began drilling thousands of feet deep hundreds of miles offshore and pulverizing oil shale, because we passed the halfway point on pumpable oil.
We'll be approaching Peak #2 by 2030ish. You can't do much secondary production on shale so you'll see really fast depletion.
Is there a website compiling all of the climatic retardation of the last half century?
Russians proved that oil is a renewable resource.
Shale oil happened.
It's like the equivalent of running out of weed but then picking through the carpet for little bits that fell and are all covered with nasty cat hair and dust. Yeah, you found some weed, but you're still out, and you're fucking disgraceful.
Gas efficiency standards and LED lights
> (OP)
>Because multiple oil sources have been discovered since that time, and many of them have incredible amounts of oil. Enough to last decades. We're not even pumping most of them yet.
Thread closed
sounds like experience talking
Peak oil would still be a problem if they hadn't started to diversify their energy sources with natural gas, biofuel and now renewables.
>global warming is bullshit
then explain why so many coastal cities are sinking
>Withdraw groundwater to supply water to residents and agriculture
>Be surprised when city sinks
correct, but I realized I had a problem so now I only do that with coffee grounds, I'm a better man.