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[–]EthnocratArcheofuturist[S] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (9 children)

Exactly. Peak oil was probably in November 2022. We're technically not running out of oil, but we are running out of cheap and easy extractable oil that has underpinned economic growth for over a century.

[–]jet199 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (8 children)

And that's by design. A lot of countries have purposely be investing less in drilling for oil or stopping new sites being drilled.

[–]EthnocratArcheofuturist[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (7 children)

Yes and no. The cheap and easy extractable oil really is running out.

[–]DragonerneJesus is white 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (5 children)

They've been saying that for 100 years now

[–]EthnocratArcheofuturist[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (4 children)

No they haven't.

[–]DragonerneJesus is white 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

There is a meme with it and I'll share it with you when I stumble upon it.

Every decade they say "oil is running out"

[–]EthnocratArcheofuturist[S] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (2 children)

This is bullshit. Hubbert himself said the US would reach peak oil by the 1970s, which happened. The shale bubble has revived American oil production, but it's a bubble nonetheless. It's ERoEI is too low and it's been propped up by massive amounts of debt. Hubbert also said that the world would reach peak oil by the 2000s, which, again, happened: https://www.nationalgeographic.com/science/article/101109-peak-oil-iea-world-energy-outlook

It's one of the reasons why the financial crisis of 2007–2008 happened. That crisis was partly sparked by an oil shock. The shale bubble pushed this date up by about a decade. Global peak oil now probably happened in November 2018.

By the way, Hubbert's predictions were about conventional oil. Shale oil is unconventional oil. So, technically Hubbert was spot-on.

[–]DragonerneJesus is white 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (1 child)

I saw your other post and I find your knowledge on this subject very interesting. Thank you. If you have time, it would be nice if you could make more articles/posts about this subject in the future too. I liked your earlier post about renewables too

[–]EthnocratArcheofuturist[S] 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (0 children)

Thanks, and yes, I'll make future posts about this.

[–]jet199 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

One of the reasons it is running out is under investment.

Look at Venezuela, the socialist government took all the money out of the oil industry and failed to invest. Now half of their sites aren't usable and probably never will be again but there is still plenty of oil in them.