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

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  •  If we produce ever more oil, then peak oil is bunk (0+ / 0-)

    Here is the history of US oil production from EIA:

    See how it has been increasing since the economy bottomed out? See how it has been increasing at ever greater rates?

    All that I could find on world oil production is a table for 2007 to 2012:

    72,873.0      73,698.5      72,306.8      74,073.7      74,143.8      75,553.1

    What does it matter what the return on investment is as long as we keep producing more and more oil?

    Profit is profit. The oil companies are the most profitable industry in the history of mankind.

    You might theorize that it is unsustainable, but you can't back that up with any evidence. If you find a hundred dollar bill lying on the ground, but you had to pay ninety dollars to pick it up, you still have ten dollars of free money! Don't you think that you are going to go back tomorrow for another ten bucks?

    Oil prices and oil production are two separate things. Oil production changes very slowly while oil prices can change in a second. The fact that Goldman Sachs owns more oil contracts than the producers or consumers of oil tells me that oil prices are not a good indicator of oil supply.

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