was watching TV yesterday in my hotel rm.... CNN or BBC... yeah I have no life.
Report went on how, who ever it was was going to build a 180 million dollar refinery. Would you spend that money if oil were to run out tomorrow....
I think we have bigger problems with water.
We will never "Run out of oil". In 200 years from now somebody will be pumping oil somewhere, but that is not the issue. The significance of the date of peak oil is that it is the latest point in time where supply can meet demand. After that, it's the survival of the fittest. And with $300 oil (assumption) a refinery is not a bad moneymaker.
Hubbert prestented his "Peak Oil" theory in the 70's and it's funny how every few months someone reads about it, allows paranoia to set in and prepares for the world as we know it to come to an end.
You consider EIA, IEA ,Shell, ASPO, CERA, Energy Watch, etc, etc paranoia? They are the ones who predict peak oil within a short period of time. The Canadian tar sands won't help much to postpone this date, because they
hope to increase the production from 1,1 today to 3 mb/d by 2020. In the same time world demand rises from 85 to 115 mb/d. But I agree with you that it has yet to be determined how much people are prepared to pay to fly.
The North Sea is a good example of recoverable reserves exceeding first estimates
The north sea is also a good example of an extremely quick depleting oil source (-8%/year). Margaret Thatcher really liked the drilling and we drilled so much that the USA is again producing more than the north sea.