Originally Posted by bunnytrdr
In a nutshell, it entails the supposition that at some point, the worlds total barrels per day production would peak at a certain level as a planetary maximum output.
At the same time, the demand for oil would continue to grow thereby causing prices to skyrocket to obscenely astronomical prices like 9 dollars per gallon for gas, and 200 dollars per barrel of crude.
I say, drill for oil in Alaska, drill it deep, just in case the "oil regenerates itself" people are correct.
Peaks at a certain level because of lack of supply (geologically-speaking) or because of not enough E&P? I'd agree with the latter, not the former. Oil wasn't created overnight and then stopped. I believe there's more out there, a LOT more. Harder to find and harder to reach, but it's there.