Peak Oil - not so much

Great verification from Forbes Magazine:

Peak Oil, Entirely Nonsense: As is Peak Gas
One of the things that really rather annoys me about the peak oil (and in the UK, there�s a similar one about peak gas) argument is that it entirely ignores the impact of changing technology. The point is indirectly made here at The Guardian:

The Earth's crust is riddled with fossil fuels. The issue is not whether there is a shortage of the stuff, but the costs of getting it out. Until recently, the sheer abundance of low-cost conventional oil in places like the Middle East has limited the incentives to find more, and in particular to go after unconventional sources. But technical change has been driven by necessity - and the revolution in shale gas (and now shale oil, too) has already been transformational in the US, one of the world's biggest energy markets.

And to make the point more directly. Once we invent a new technology to extract oil or gas (or indeed any other mineral you might like to think of) this does not mean that we've just found that one new field that we've developed the new technology to extract oil or gas from. It means that we've just created a whole new Earth, an entire new planet that we can prospect for similar deposits that can be exploited with the new technology.

And of course, there is the whole abiogenic petroleum origin theory. Drill here, drill now. We could shut down Russia and the Saudis in a heartbeat if we started using our own resources...