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Peak Oil: No, the Sky is Not Falling

ExxonMobil sure doesn’t think the world is running out of oil. It has even taken out ads in the NY Times dismissing the “peak oil” theory, and saying that the world has 4 trillion barrels of oil left–four times the amount we have used so far. Exxon Mobil geologists believe oil production will keep rising through 2030.

“Our outlook goes to 2020, and we see no evidence of a peak,” Cambridge Energy Research Associates geologist Peter Jackson says. “Eventually, we will start to see a decline. There is still time to think about alternatives.”

This is not the first time people predicted that we were running out of oil. Back in the 19th century, when the wells in western Pennsylvania started to decline, the cry was heard. The discovery of oil in Texas sent worries in the opposit direction. There was so much oil that the Texas Railroad Commission had to limit production to support the price.

Alex Cranberg, chairman of Aspect Energy notes that market forces and technological advances will solve our energy problems. If it is worth enough, companies will go back to existing oil fields and use new methods to extract more oil.

One Response to “Peak Oil: No, the Sky is Not Falling”

  1. Pumps » The Peak Oil Debate — A Great Discussion from a Valued Source Says:

    [...] Regular readers know that the Peak Oil concept is crucial to understanding the future of oil prices. Pump Girl wrote an excellent series on this topic here, here, and here. [...]

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