[quote=barnaby33]EconProf, are you trolling? Do you believe Jeebus is putting more dinosaurs under the dirt for you? Global conventional oil production has peaked. It actually did so around 05. It seems mighty disingenuous to ask a leading question, put a number randomly extracted from some orifice, then throw in some jingoistic non-sense as evidence or proof. What kind of econ do you teach?
EROEI is a bitch, and non conventionals are expensive. Peak Oil was never about the alarmism you are attempting to attribute to it. Rather the sure and certain knowledge that as a planet we are over the hump on the cheap stuff. It was however a way to plan for a less energy dense future. Unless of course that PhD of yours will allow you to defy the laws of thermodynamics, then all bets are off.
Josh[/quote]
Actually Barnaby, I haven’t posted a single entry since I started this thread, so I don’t know who you are referring to.
My point still stands: The market system is underappreciated as an efficient way to allocate resources and harness technology. In this case, the high price stimulated exploration, new extraction techniques, and conservation, so prices fell. Peak Oil alarmists underestimated capitalism’s virtues, so their predictions have turned out wrong.
You’re welcome.
