Quote:
Originally Posted by Mihajlovic
Geologists say the discoveries challenge one of the notions of the peak oil theory, which claims oil companies already have found nearly all of the world's usable oil.
http://www.businessweek.com/bwdaily/...eek+exclusives
I remember reading something about it, how we're gonna run out of oil in a few years. What a load of crap that was.
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On the contrary, it doesn't challenge Hubbert's peak oil theory at all.
In fact, it is precisely what he predicted - sourcing in deep waters and other difficult to extract locations as rarity increases it's value.
To put a little context on it, global oil consumption is over 30 billion barrels a year and rising.
This find is significant but a mere drop in the ocean of needs unless something changes.