I just read an interesting article in the Globe and Mail on U.S. oil production. Here is the quote that I found most interesting.
The coming change, according to Bentek, is startling: By 2016, the U.S. will surpass its 1970 oil production peak of 9.6 million barrels a day; by 2022, it will have leapt to 11.6 million barrels a day.
So much for peak oil, it's clearly a myth.
When you don't account for changes in technology and prices, sure peak oil sound reasonable. The problem is you can't treat a dynamic situation as a static analysis. Assumptions make for pretty formulas but don't reflect reality.
For the full article:
In other news, the North Dakota Department of Mineral Resources just reported record oil production of 20 million barrels in July. That is up 59% from the year before. If you step back and look at the big picture, oil production in the state is up 7 times in 7 years. Remarkable.