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very old news.....
Posted by Bill U (more from Bill U) on Tue, 9 Mar 2004 20:06:29
In Reply to: OT: Peak oil, Alex Bucell, Mon, 8 Mar 2004 23:06:50
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This theory, or similar ones, have been around for almost 100 years. Proven future reserves fluctuate with oil prices, ie, if the value of oil goes up, there is more incentive to look for and recover oil that is harder to find and harder (more expensive) to get out of the ground. In 1920, the world was going to run out of oil in 10 years. In 1960, the world was going to run out of oil in 10 years. If oil gets scrarce, the price increase will make hydrogen and other alternative fuels more practical and cost competitive.
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