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View Diary: Peak oil and peak silliness (111 comments)

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  •  Not So Much. (3+ / 0-)
    Recommended by:
    ozsea1, mike101, bluegrass50

    Discovery has fallen dramatically since the 60's while production has increased.  Squeezing harder for more difficult oil is not sufficient to replace--and again, the harder-to-produce oil is profitable only because the prices is so high.

    The 2008 spike led directly to the global economic downturn, and the fairly regular oscillations since then are largely due to economic recovery causing oil prices to rise, which in turn quell the recovery.  We're now bumping up against the economic ceiling of oil prices.

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