Inconsistencies with the peak-oil theory.

Aaron · Posted: Fri Jan 07, 2005 6:34 pm Post subject:

Remember that the history data on reserve depletion is from fields which by & large have not been exploited with advanced recovery techniques.

It's probably a mistake to look at lower 48 US state depletion numbers and extrapolate this to project future depletion of today's wells.

Yemen's experience of a very rapid decline due to maximum extraction technology is probably a better yardstick for depletion as Matt Simmons points out.

It's a catch 22.

The higher oil prices climb, the more incentive for producers to extract at maximum rates with the latest technology.

And having so many of the marbles in a single reserve (Ghawar), supports Simmons assertion that when Ghawar goes *** up, growth is over.

What he does not mention, is when growth (economic) ends, all our debt comes due, so to speak.
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