Comment 76485

By Undustrial (registered) - website | Posted May 04, 2012 at 15:15:26

Peak oil could have a few different definitions - the absolute half-way point in total world oil extraction, the absolute production peak, or when demand begins to overtake supply. In theory these should all coincide, but in practice we're dealing with a two-century timespan and lots of other vairables, so they may not all fall on the same day.

What's important is that several major predictions (from the last decade, at least) have come to pass. First, there's been an enormous growth in the price of oil. Second, there's the big shift toward "unconventional" oil, which is far more expensive and energy-intensive to extract. Second, there's been an amazing growth in the price of oil. Third, spiking oil prices have already coincided with a collapsing economy. Those are all pretty big warning signs.

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