Peak Oil My Ass

As I’ve stated many times, peak oil, as defined by its proponents is bunk. We haven’t even begun to find all the oil on this planet. This is yet another example of what I’m talking about.

A U.S.-based company that has controversially laid claim to nearly all of the Arctic Ocean’s undersea oil said Thursday that new geological data suggests a “potentially vast” petroleum resource of 400 billion barrels.

That figure is backed by a respected Canadian researcher who recently signed on as the firm’s chief scientific adviser.

This report came out last week, so that’s not an April Fools joke. We’re a long way from being out of oil. The only problem is extraction and rights. Many environmentalists want to block any oil drilling anywhere. But as long as there’s a demand, they’ll be overruled. 

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