John Hemming's Web Log John's Reference Website
Wednesday, October 03, 2007
  Peak Oil in The Guardian
This issue is gradually moving from the sidelines into the mainstream. That to some extent is inevitable.

It is quite simple really:

In a conflict between the laws of physics and the laws of economics physics wins every time.

Perhaps I would say that with a degree in Physics. However, I am right.
 
Comments:
What 'laws of Physics' and 'laws of economics' are in conflict?

It seems to me that peak oil alarmists are making predictions based upon current state without consideration of change.

Bearing in mind we've had several previous peak oil alarms and that known reserves are higher than during the last alarm it seems that technological progress and increased prices due to shortage will enable reserves which are not currently economic to exploit will come into use.

Higher prices will also cause resources to be reallocated to non-oil based processes and more R&D in such things.

I see no cause for alarm beyond government intervention messing everything up.
 
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