Peak Oil theory is dead . . . even if it’s proponents don’t know itApril 18, 2012
Robin Mills, writing at the European Energy Review, details the large number of factors that have rendered Peak Oil alarmism obsolete. Read the whole thing.
This does not mean, of course, that a price decline is imminent. So long as OPEC maintains its market share and its internal discipline, we can expect oil prices to remain high. While there is a possibility that the natural course of events will drive prices down, there are also policy decisions that the United States can make that will ensure that outcome. Chief among them are the adoption of the Open Fuel Standard, which would either directly weaken OPEC’s market position, or else frighten OPEC energy ministers into internal disarray that would have the same effect. Another policy option would be to take up a new version of the NEED Act, which would further enhance domestic fuel production.