"Running out" doesn't mean no new oil will be found. It means the rate of finding new oil deposits is lower than the rate of extraction.
I was promised a new Ice Age and no more oil by the year 2000....
Did you update your computer so you didn't suffer Y2K climate change?
I was promised it would be 99 in January and that NYC would be under 110 feet of water by 1990.
I was promised a flying car by 1965 or so
Fuck you cogsley cogs!
expanding anuses since 1965
Or that oil we know about is hard to or not cost effective to extract. Wasn't the oil sands in this category 30 years ago?
You also have to consider sunk cost, I believe the break even price of a large offshore well is oil at $100, I've heard people in the oil patch say $140? That ties into it taking more energy to extract than the energy the oil supplies. A lot of it is all bullshit though, I trust nothing the people in this industry openly tell the public.
I'm also somewhat open to the idea of abiogenic oil creation. If true, then oil could be found deeper in the crust and there is way more of it.
It's true, 100%, it just takes longer to replenish itself than the rate we've been extracting. You are correct.
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