wrote in message
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RCE wrote:
wrote in message
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RCE wrote:
Again, stolen from another NG, the following is a portion of an
article
published in the "Economist".

It seems to refute some of the Peak Oil doom and gloom arguments.

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There was an article in the latest Economist about this. Here's
a little of it:

As oil production slows,
prices will rise up and down the futures curve, stimulating new
technology and conservation. We might be running low on $20 oil,
but for $60 we have adequate oil supplies for decades to come."


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$60/bbl for "decades to come"? How far from the wastebasket does one
need to stand to score 3 points with a paper wad?


According to his theory, $100/bbl will add a couple of more decades of
availability.

RCE

I don't know when that theory was expounded, but that $60/bbl oil
lasted maybe a few weeks or months. Certainly not "decades". We're
closing in on $80.


Chuck, the author was not claiming that a certain price would last for
decades. His point was that the higher the price, the longer remaining oil
supplies will last.

RCE