Oil discoveries dispel "Peak Oil" as myth

[airplanemechanic]

There are a lot of folks who believe "the end of oil is near" is an old stale myth but at least remember that there will be a point when this will be true; this you cannot deny.
Even the illiterate has a right to be ignorant. I know the data below will be difficult for you to understand so please ask a friend to explain it to you.

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

Countries With The Largest Proven Oil Reserves
Rank Country Reserves (millions of barrels), 2017 US EIA
1 Venezuela 300,878
2 Saudi Arabia 266,455
3 Canada 169,709
4 Iran 158,400
5 Iraq 142,503
6 Kuwait 101,500
7 United Arab Emirates 97,800
8 Russia 80,000
9 Libya 48,363
10 United States 39,230
11 Nigeria 37,062
12 Kazakhstan 30,000
13 China 25,620
14 Qatar 25,244
15 Brazil 12,999
16 Algeria 12,200
17 Angola 8,273
18 Ecuador 8,273
19 Mexico 7,640
20 Azerbaijan 7,000
---------------------------
TOTAL 1,609,149 million proven barrels
The World’s Largest Oil Reserves By Country

It is expected that by the year 2035, demand will reach 110.3 million barrels a day or 40,259 a year
1609149/40259 = 40+/- years left

The Truth Will Set You Free

.,,.,.,.,,,,,,,,,,,,,,,,,,,……………………………

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

Why did you take known oil reserves and divide them by expected oil need in 15 years? That assumes 2 things:

Oil needs today will be more than they are which they aren't so they're wrong.
That in 15 years we won't make ANY new oil discoveries which of course is also ludicrous.

 

[Toddsterpatriot]

Think otherwise than what?

If you have forgotten what forum this is and are here just to post whatever then there isn't much left for you and I to talk about.
-

I know what the forum is, it's your gibberish that I can't decipher.

France and Germany think otherwise, that "there were no studies in the 80s"?

What position of mine in post #446 link >>>Oil discoveries dispel "Peak Oil" as myth

could they, or anyone, disagree with?

 

[Toddsterpatriot]

Batteries weigh a lot.

So does a full tank of gasoline
I envision you drive up to a filling station over an exchanger unit. The unit reaches up, removes your discharged battery and replaces it with a charged one.

The process will take less time than it took to fill a standard gas tank.

You will get about 200-300 miles on your charged battery.

Or so I envision it -

So does a full tank of gasoline

The gas tank gets lighter as you use it, the battery does not.

 

[Rigby5]

Batteries weigh a lot.

So does a full tank of gasoline
I envision you drive up to a filling station over an exchanger unit. The unit reaches up, removes your discharged battery and replaces it with a charged one.

The process will take less time than it took to fill a standard gas tank.

You will get about 200-300 miles on your charged battery.

Or so I envision it -

Full gastank is about 160 pounds.
EV batteries, about 1500 pounds.
Almost 10 times as much.

But I also thought battery exchanges would make me want to buy EV.
But they won't do it.
What they told me is that there is no battery standard, batteries are being tucked into odd shaped spaces, and the stations don't want the risk of being responsible for when batteries go bad, because they cost over $5000, and only last about 10 years.

 

[westwall]

There are a lot of folks who believe "the end of oil is near" is an old stale myth but at least remember that there will be a point when this will be true; this you cannot deny.
Even the illiterate has a right to be ignorant. I know the data below will be difficult for you to understand so please ask a friend to explain it to you.

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

Countries With The Largest Proven Oil Reserves
Rank Country Reserves (millions of barrels), 2017 US EIA
1 Venezuela 300,878
2 Saudi Arabia 266,455
3 Canada 169,709
4 Iran 158,400
5 Iraq 142,503
6 Kuwait 101,500
7 United Arab Emirates 97,800
8 Russia 80,000
9 Libya 48,363
10 United States 39,230
11 Nigeria 37,062
12 Kazakhstan 30,000
13 China 25,620
14 Qatar 25,244
15 Brazil 12,999
16 Algeria 12,200
17 Angola 8,273
18 Ecuador 8,273
19 Mexico 7,640
20 Azerbaijan 7,000
---------------------------
TOTAL 1,609,149 million proven barrels
The World’s Largest Oil Reserves By Country

It is expected that by the year 2035, demand will reach 110.3 million barrels a day or 40,259 a year
1609149/40259 = 40+/- years left

The Truth Will Set You Free

.,,.,.,.,,,,,,,,,,,,,,,,,,,……………………………

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

The experts all agree the peak was around 1999, and we have less than half left now.
It takes over 100 million years to make new oil.
It has to be from an old ocean bottom that gets covered over.
We are never going to be able to harvest most of the oil that is left, because it is too deep down in the ocean and the pressures are to high.
we have 20 to 50 years worth lett, and that is it.
Switching to smaller cars won't help much because that will only be going from 20 mpg to 30 mpg.
And the SUVs that can do that switch are a minority even now.
Most people already have switched.

Much of the chart is misleading.
For example most of the oil and Canada and Venezuela is tar sands, which are expensive and high water use to steam out. They are not very accessible.

This post means you don't even have a clue what peak oil is.

 

[westwall]

Batteries weigh a lot.

So does a full tank of gasoline
I envision you drive up to a filling station over an exchanger unit. The unit reaches up, removes your discharged battery and replaces it with a charged one.

The process will take less time than it took to fill a standard gas tank.

You will get about 200-300 miles on your charged battery.

Or so I envision it -

And what do you do with the toxic battery remains when they fail?

 

[bripat9643]

The world is a ball hanging in space. It’s resources are finite. Eventually there will be no more. Because that’s just the way reality works. Sad that you have to explain this. It seems so obvious.

Resources are virtually infinite, especially if we start harvesting them from space.

 

[Vandalshandle]

No, this is not a fact. Old, depleted fields are recharging in some areas. It seems more research is needed on how oil is created.

Keep telling yourself this, it will make it easier for you to sleep at night
What is not mentioning is the decline in current oil fields. As new oil fields are found old one dry up. Now put that into your predictions

Oil field production decline
Individual oil wells are typically within multi-well oil fields. As with individual wells, the production curves for oil fields vary depending on geology and how they are developed and produced. Some fields have symmetric bell-shaped production profiles, but it is more common that the period of inclining production is briefer and steeper than the subsequent decline. More than half the production usually occurs after a field has reached a peak or plateau. Production profiles of many fields show distinct peaks, but for giant oil fields, it is more common for production to reach and maintain a plateau before declining. Once a field declines, it usually follows an exponential decline.
Oil depletion - Wikipedia

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?
The truth will set you free or lying to yourself will give you nightmares
View attachment 282082


-

So, you advocate that we just continue to use a fuel resource without regard to the fact that it is none renewable.

 

[there4eyeM]

All this just to support antique technology. Engines that are not even 50% efficient and are filthy polluters.
What can we do to improve human aesthetic values?

 

[westwall]

All this just to support antique technology. Engines that are not even 50% efficient and are filthy polluters.
What can we do to improve human aesthetic values?

Yeah, windmills are sooooo modern

 

[Toddsterpatriot]

All this just to support antique technology. Engines that are not even 50% efficient and are filthy polluters.
What can we do to improve human aesthetic values?

Engines that are not even 50% efficient

How efficient are windmills and solar cells?

 

[Wyatt earp]

View attachment 282084

I'm sure you could find studies from the 80s that said peak oil "appears probable before 2000".

The folks haven't heard you yet, please email France, Germany and the rest who think otherwise~~~~
Renewable update---

Monaco—

Since 1994, the Government has been encouraging the use of clean energy vehicles in the Principality, in particular by granting purchasing subsidies. The Government wished to adapt the scale of subsidies to take account of the increased availability of hybrid versions, as this had led to the granting of subsidies to vehicles that cause too much pollution. With this in mind, the State took note of incentive schemes in operation in neighbouring countries, especially in France. It also demonstrated a more proactive policy, modifying these policies to suit the needs of Monaco – a step that continues to favour electric technology.

In this new scheme, subsidies for electric vehicles are still 30% of the purchase price including all taxes, with a ceiling of 9,000 Euros. There is a ceiling of 3,000 Euros for two-wheeled vehicles.

Electric vehicles also benefit from specific advantages, such as free recharging at the 574 charging points in public car parks, and at the fast and semi-fast charging points on public roads: at the lower end of Rue Grimaldi, on Place des Moulins and at 24 Avenue de Fontvieille (in front of the Single Buoy Mooring building). They also have their own special identification, "VE" (for véhicule électrique - electric vehicle), which offers free on-street parking in Monaco and a free annual sticker.
Subsidy scheme for electric and hybrid vehicles / Soft mobility / The Environment / Policy & Practice / Portail du Gouvernement - Monaco

In France and the Uk petrol and diesel cars will not be manufactured or imported by 2040.

-

Free?


You are not the sharpest knife in the drawer are you????



Germany has three times the electric power Bill's as us normal Americans (not counting high.price California) and live in tiny houses


.

 

[Wyatt earp]

View attachment 282084

I'm sure you could find studies from the 80s that said peak oil "appears probable before 2000".

The folks haven't heard you yet, please email France, Germany and the rest who think otherwise~~~~
Renewable update---

Monaco—

Since 1994, the Government has been encouraging the use of clean energy vehicles in the Principality, in particular by granting purchasing subsidies. The Government wished to adapt the scale of subsidies to take account of the increased availability of hybrid versions, as this had led to the granting of subsidies to vehicles that cause too much pollution. With this in mind, the State took note of incentive schemes in operation in neighbouring countries, especially in France. It also demonstrated a more proactive policy, modifying these policies to suit the needs of Monaco – a step that continues to favour electric technology.

In this new scheme, subsidies for electric vehicles are still 30% of the purchase price including all taxes, with a ceiling of 9,000 Euros. There is a ceiling of 3,000 Euros for two-wheeled vehicles.

Electric vehicles also benefit from specific advantages, such as free recharging at the 574 charging points in public car parks, and at the fast and semi-fast charging points on public roads: at the lower end of Rue Grimaldi, on Place des Moulins and at 24 Avenue de Fontvieille (in front of the Single Buoy Mooring building). They also have their own special identification, "VE" (for véhicule électrique - electric vehicle), which offers free on-street parking in Monaco and a free annual sticker.
Subsidy scheme for electric and hybrid vehicles / Soft mobility / The Environment / Policy & Practice / Portail du Gouvernement - Monaco

In France and the Uk petrol and diesel cars will not be manufactured or imported by 2040.

-

In France and the Uk petrol and diesel cars will not be manufactured or imported by 2040.



Great job, by 2080 the USA has a law that everyone will ride a Unicorn.


.

 

[there4eyeM]

Even the slightest gesture on the part of the Americans at conservation in any genuine sense of the term would improve the world and reduce energy costs.

 

[Toddsterpatriot]

Even the slightest gesture on the part of the Americans at conservation in any genuine sense of the term would improve the world and reduce energy costs.

US fracking has done more to improve the world than all of the wasteful government spending Obozo threw at the issue.

 

[westwall]

Even the slightest gesture on the part of the Americans at conservation in any genuine sense of the term would improve the world and reduce energy costs.

What rock have you been hiding under? We are ALREADY doing that. We have lowered our carbon output to below 1995 levels. How about the rest of the world catch up to us.

 

[Rigby5]

There are a lot of folks who believe "the end of oil is near" is an old stale myth but at least remember that there will be a point when this will be true; this you cannot deny.
Even the illiterate has a right to be ignorant. I know the data below will be difficult for you to understand so please ask a friend to explain it to you.

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

Countries With The Largest Proven Oil Reserves
Rank Country Reserves (millions of barrels), 2017 US EIA
1 Venezuela 300,878
2 Saudi Arabia 266,455
3 Canada 169,709
4 Iran 158,400
5 Iraq 142,503
6 Kuwait 101,500
7 United Arab Emirates 97,800
8 Russia 80,000
9 Libya 48,363
10 United States 39,230
11 Nigeria 37,062
12 Kazakhstan 30,000
13 China 25,620
14 Qatar 25,244
15 Brazil 12,999
16 Algeria 12,200
17 Angola 8,273
18 Ecuador 8,273
19 Mexico 7,640
20 Azerbaijan 7,000
---------------------------
TOTAL 1,609,149 million proven barrels
The World’s Largest Oil Reserves By Country

It is expected that by the year 2035, demand will reach 110.3 million barrels a day or 40,259 a year
1609149/40259 = 40+/- years left

The Truth Will Set You Free

.,,.,.,.,,,,,,,,,,,,,,,,,,,……………………………

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

Why did you take known oil reserves and divide them by expected oil need in 15 years? That assumes 2 things:

Oil needs today will be more than they are which they aren't so they're wrong.
That in 15 years we won't make ANY new oil discoveries which of course is also ludicrous.

Of course oil needs will always be increasing.
They always have, and increase by because the population constantly increases, and because individuals constantly use more energy as technology increases.

And the assumptions include all the new oil discoveries.
We pump all the known oil almost immediately, so predictions of reserves are always based on assumptions about new oil discovery predictions.

 

[Rigby5]

There are a lot of folks who believe "the end of oil is near" is an old stale myth but at least remember that there will be a point when this will be true; this you cannot deny.
Even the illiterate has a right to be ignorant. I know the data below will be difficult for you to understand so please ask a friend to explain it to you.

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

Countries With The Largest Proven Oil Reserves
Rank Country Reserves (millions of barrels), 2017 US EIA
1 Venezuela 300,878
2 Saudi Arabia 266,455
3 Canada 169,709
4 Iran 158,400
5 Iraq 142,503
6 Kuwait 101,500
7 United Arab Emirates 97,800
8 Russia 80,000
9 Libya 48,363
10 United States 39,230
11 Nigeria 37,062
12 Kazakhstan 30,000
13 China 25,620
14 Qatar 25,244
15 Brazil 12,999
16 Algeria 12,200
17 Angola 8,273
18 Ecuador 8,273
19 Mexico 7,640
20 Azerbaijan 7,000
---------------------------
TOTAL 1,609,149 million proven barrels
The World’s Largest Oil Reserves By Country

It is expected that by the year 2035, demand will reach 110.3 million barrels a day or 40,259 a year
1609149/40259 = 40+/- years left

The Truth Will Set You Free

.,,.,.,.,,,,,,,,,,,,,,,,,,,……………………………

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

The experts all agree the peak was around 1999, and we have less than half left now.
It takes over 100 million years to make new oil.
It has to be from an old ocean bottom that gets covered over.
We are never going to be able to harvest most of the oil that is left, because it is too deep down in the ocean and the pressures are to high.
we have 20 to 50 years worth lett, and that is it.
Switching to smaller cars won't help much because that will only be going from 20 mpg to 30 mpg.
And the SUVs that can do that switch are a minority even now.
Most people already have switched.

Much of the chart is misleading.
For example most of the oil and Canada and Venezuela is tar sands, which are expensive and high water use to steam out. They are not very accessible.

This post means you don't even have a clue what peak oil is.

Wrong.
Peak oil is when we have used more than is left, including all theoretical future discoveries.

 

[Rigby5]

The world is a ball hanging in space. It’s resources are finite. Eventually there will be no more. Because that’s just the way reality works. Sad that you have to explain this. It seems so obvious.

Resources are virtually infinite, especially if we start harvesting them from space.

Nope, trying to harvest from space takes way too much energy.
Makes more sense to just tunnel down more on earth.
But the only source of energy ultimately is the sun, and to capture that we have to compete with space for growing food. So things really are finite.
Fusion would be nice, but said that over 50 years ago.

 

[westwall]

There are a lot of folks who believe "the end of oil is near" is an old stale myth but at least remember that there will be a point when this will be true; this you cannot deny.
Even the illiterate has a right to be ignorant. I know the data below will be difficult for you to understand so please ask a friend to explain it to you.

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

Countries With The Largest Proven Oil Reserves
Rank Country Reserves (millions of barrels), 2017 US EIA
1 Venezuela 300,878
2 Saudi Arabia 266,455
3 Canada 169,709
4 Iran 158,400
5 Iraq 142,503
6 Kuwait 101,500
7 United Arab Emirates 97,800
8 Russia 80,000
9 Libya 48,363
10 United States 39,230
11 Nigeria 37,062
12 Kazakhstan 30,000
13 China 25,620
14 Qatar 25,244
15 Brazil 12,999
16 Algeria 12,200
17 Angola 8,273
18 Ecuador 8,273
19 Mexico 7,640
20 Azerbaijan 7,000
---------------------------
TOTAL 1,609,149 million proven barrels
The World’s Largest Oil Reserves By Country

It is expected that by the year 2035, demand will reach 110.3 million barrels a day or 40,259 a year
1609149/40259 = 40+/- years left

The Truth Will Set You Free

.,,.,.,.,,,,,,,,,,,,,,,,,,,……………………………

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.
Which countries have the biggest oil reserves?

A 2013 study concluded that peak oil "appears probable before 2030", and that there was a "significant risk" that it would occur before 2020
Peak oil - Wikipedia

When the price of gasoline rises, people naturally buy less of it; the amount of this reduction being determined by the amount of the price increase and the consumer's elasticity of demand for gasoline. This does not necessarily mean that people will drive less (though it is likely), it may mean that consumers trade in their SUVs for smaller cars, hybrid vehicles, electric cars or cars that run on alternative fuels.
Will the World Ever Run Out of Oil?

The experts all agree the peak was around 1999, and we have less than half left now.
It takes over 100 million years to make new oil.
It has to be from an old ocean bottom that gets covered over.
We are never going to be able to harvest most of the oil that is left, because it is too deep down in the ocean and the pressures are to high.
we have 20 to 50 years worth lett, and that is it.
Switching to smaller cars won't help much because that will only be going from 20 mpg to 30 mpg.
And the SUVs that can do that switch are a minority even now.
Most people already have switched.

Much of the chart is misleading.
For example most of the oil and Canada and Venezuela is tar sands, which are expensive and high water use to steam out. They are not very accessible.

This post means you don't even have a clue what peak oil is.

Wrong.
Peak oil is when we have used more than is left, including all theoretical future discoveries.

Wrong. Peak oil is reached when the cost of oil begins an inexorable rise because production can no longer meet demand.