Is it more a question of price?
Physical peak oil, which I have no reason to accept as a valid statement either on theoretical, scientific or ideological grounds, would be insensitive to prices. (...) In fact the whole hypothesis of peak oil – which is that there is a certain amount of oil in the ground, consumed at a certain rate, and then it's finished – does not react to anything.... Therefore there will never be a moment when the world runs out of oil because there will always be a price at which the last drop of oil can clear the market. And you can turn anything into oil into if you are willing to pay the financial and environmental price... (Global Warming) is likely to be more of a natural limit than all these peak oil theories combined. (...) Peak oil has been predicted for 150 years. It has never happened, and it will stay this way.
According to Rühl, the main limitations for oil availability are "above ground" and are to be found in the availability of staff, expertise, technology, investment security, money and last but not least in global warming. The oil question is about price and not the basic availability. This is entirely compatible with Hubbert's empirical method, which focuses on observed patterns of extraction rather than their causes. Rühl's views are shared by Daniel Yergin of CERA, who added that the recent high price phase might add to a future demise of the oil industry – not of complete exhaustion of resources or an apocalyptic shock but the timely and smooth setup of alternatives.
Clive Mather, CEO of Shell Canada, said the Earth's supply of bitumen hydrocarbons is "almost infinite", referring to hydrocarbons in oil sands.
Attorney and mechanical engineer Peter W. Huber pointed out in 2006 that the world is just running out of "cheap oil." As oil prices rise, unconventional sources become economically viable. He predicted that, "[t]he tar sands of Alberta alone contain enough hydrocarbon to fuel the entire planet for over 100 years."
Industry blogger Steve Maley echoed some of the points of Yergin, Rühl, Mather and Hofmeister.
Environmental journalist George Monbiot responded to a 2012 report by Leonardo Maugeri by proclaiming that there is more than enough oil (from unconventional sources) for capitalism to "deep-fry" the world with climate change. Stephen Sorrell, senior lecturer Science and Technology Policy Research, Sussex Energy Group, and lead author of the UKERC Global Oil Depletion report, and Christophe McGlade, doctoral researcher at the UCL Energy Institute have criticized Maugeri's assumptions about decline rates.Peak oil - Wikipedia, the free encyclopedia
Peak Oil Is Dead Wrong
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