July 2, 2012 by David K. Sutton
We were wrong on peak oil. There’s enough to fry us all
I really hate to be the bearer of bad news but peak oil will happen at some point but in any event we are still screwed. In case you aren’t aware, peak oil is the point in time where we can no longer increase the amount of oil we are extracting from the Earth. From that point forward it’s a slow and steady decline. This is bad news for a world which demands more and more oil. There have been countless predictions about when peak oil will occur, and all of them have come and gone. Even if we are in a new age of oil discovery and extraction (only supported by higher oil prices, because these new methods are expensive) that only makes the effects on the climate worse. So you see, either the economy collapses because we hit peak oil, or the climate and the environment are irreparably harmed if we are able to continue to increase oil extraction. Yeah, bummer.
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