We were wrong on peak oil. There's enough to fry us all

[PO Pops]

10. What part of peak oil was wrong?

There is no boom in oil, oil is virtually flat, fluctuating between 71-75mbd these last 6 years - that includes the much touted tight oil.

What there is a boom in (besides PR funded by oil companies) is "All Liquids", that new category that includes everything from ethanol to the wet stuff extracted from natural gas to "refinery gains" (nothin you can burn, basically expansion during refining).

As I peck this out Brent crude stands at $100.32/bbl, the average for the year is $114/bbl - higher in real terms than at any time since oil began. Don't believe me you can ask the head Corny himself,

IHS CERA Chairman and Author of The Quest, Daniel Yergin said.

“Quite simply, we are looking at the highest average price since the age of oil began.”

So, oil is on a plateau, the price is higher than at any time in the past and the only increase in flammable stuff we can manage is by burning food.


Here are a few facts from Kurt Cobb:
http://resourceinsights.blogspot.com/2012/07/how-changing-definition-of-oil-has.html