26 Jul '13, 1pm

Drumbeat: July 26, 2013

A week or so ago, there was a mini-flurry of blog posts announcing that peak oil was dead. Thanks to shale oil, tar sands, heavy oil, deepwater oil, and all the other kinds of oil that the peakists didn't know about, the world was now practically drowning in the stuff. The whole thing was very strange for several reasons. First, the peak oil community not only knows about all those kinds of nonconventional oil, its forecasts have always included them in minute detail. The question isn't whether they exist, it's when production declines in existing mature fields will outpace the modest amounts of new oil we're getting from nonconventional sources and new drilling technologies. Second, the world isn't drowning in oil. There's no dispute that shale oil has ramped up over the past few years, but it's added only a couple of million barrels a day to worldwide production and it's...

Full article: http://www.theoildrum.com/node/10115

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