Why do these talking heeads keep saying that PO crowd thinks we are running out of oil. That is not the case as PO theory simply covers production rate.
And this nonsense with deep sea being able to replace declining oilfields is just.....
Well just look at thunderhorse that was supposed to be how many billions of barrels and come on-line how quickly?
He is right though in one aspect, it will be expensive, and that will of course help keep down demand so that the mindless masses can be fed stories about oil production going down not becasue we are producing poorer quality and ever harder to reach oil but becasue demand is down for some economical factors. I am sure the finger of blame will start pointing left and right at investors who sit on gold and silver rather than paper "assets" for the global financial debacle.