Oil and credit peaked at the same time; in 2007. Even if you could find the oil there is not enough credit to finance extraction. But if you can’t find the oil, than the global economy won’t generate enough growth to pay off the debt.
Peak oilists, who gather every year at ASPO-USA, are happy that mainstream media and politicians are acknowledging the concept of diminishing production.
|Former BP Chief Petroleum Engineer Jeremy Gilbert|
Former BP Chief Petroleum Engineer Jeremy Gilbert just gave an excellent presentation that responds to every argument against peak oil and emphasizes the need for immediate action.
One person who should listen is former BP CEO Tony Hayward, who claims peak production won't come for another decade and it won't come until after peak demand.