The World Keeps Not Running Out of Oil

10 Jul 2017   Peak Oil

The world has anticipated the “rapid exhaustion” of crude oil supplies for at least 100 years.Will it go on being close to running out of crude for the next 100? “Peak Oil” — the idea that global oil production will soon reach a maximum and then begin to decline — attracted a significant number of believers in the 1990s and early 2000s. Then unconventionals happened. Unconventional resource production blossomed in the United States. With rising crude production, the U.S. stopped soaking up the world’s excess oil supply. Instead of cutting back crude production to balance the market, Saudi Arabia increased production to protect its market share. And ta-da! — we got a global glut of crude and liquids, along with a truly major price collapse. Today, you are more likely to hear people talk about a possible worldwide peak in oil demand rather than a peak in oil production. […]

Comments are closed.