peak oil???? with prices lower than ever and new discoveries all over the world??? Ever heard of shale and fracking???
Which OPEC and Iran are trying their damnedest to **** up.
The catch is that both have high production costs, just like the U.S.
You dont know what your talking about.
This is coming from someone who was in the oil industry for 25 years.
According to the IEA, conventional production peaked after 2005:
International Energy Agency says peak oil has hit. Crisis averted - CSMonitor.com
which is why we used shale oil to meet increasing demand. It also helped that prices went up because unconventional production has higher production costs.
The problem is that oil prices have gone down again (the same thing happened in 2009) together with other commodities:
Commodity prices collapse to lowest in 12 years - Telegraph
which means we're now facing another round of deflation. The end of QE is not helping:
The Oil Price Fall An Explanation in Two Charts
Meanwhile, production costs, marginal costs, and capital expenditures remain high:
Columbia SIPA Center on Global Energy Policy Global Oil Market Forecasting Main Approaches Key Drivers
which together with lower oil prices explains why rig counts are dropping:
Baker Hughes rig count March 20 - Business Insider
and debts rising, prompting continued production:
Oil Companies May Keep Up Output to Repay Debt BIS Says - Bloomberg Business
None of these counter the argument concerning peak oil. In fact, the need to discover more oil and resorting to shale oil confirms it.
Finally, the implication is that what we are doing is far removed from improving capitalism. If any, we are maintaining production by paying more.