26 Sep '11, 7am

An brief economic explanation of Peak Oil

The following is a guest posting by Chris Skrebowski the ex Editor of Petroleum Review and longtime ASPO and ODAC member. Chris is the founder and Director of Peak Oil Consulting Ltd. The article was published on the ODAC website on 16th September. For a number of years there has been an arid debate between economists and geologists about Peak Oil. The geologists maintain that Peak Oil (maximal production) is a geological imperative imposed because reserves are finite even if their exact magnitude is not, and cannot be, known. In contrast many economists maintain prices will resolve any sustained supply shortfalls by providing incentives to develop more expensive sources or substitutes. The more sanguine economists do concede that the adaptation may be slow, uncomfortable and economically disruptive. The reality, I believe, is that both groups have part of the answer but t...

Full article: http://www.theoildrum.com/node/8410

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