Peak Oil is a term that is misused often. Conventional oil (sweet crude) has peaked.
Non-conventional oil is a different story.
EIA data shows global production peaking and plateauing at 85 mbls/day in 2003/2004. Increased demand has increased oil prices 6 times as a consequence.
Non-conventional oil can be found in places like the deepwater trenches off Brazil (Tupi fields), shale rock in the Rockies, and the North Pole.
But, ask yourself another question. Why go through 2 kms of ocean, 2 kms of unstable salt and another 2 km of hard rock to get oil if easier alternatives exist ?
If we ran out of deep sea oil, oil sands and oil shale as well, I am sure we can convert road asphalt, rubber tires and plastic waste into oil if the economics justified it.
The end result: high oil prices are here to stay for the foreseeable year. Remember - oil DISCOVERIES are not the same as oil EXTRACTIONS.
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