Quote:
Originally Posted by redneck
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This can't be...
We were told that "Peak Oil" had already been reached years ago... 
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The easiest high grade oil peak did already happen years ago. The detail usually not put out by the doom and gloom fear mongers about peak oil was that it's an increasingly larger base as we move down to lower quality and harder to get oil.
For a crude over simplification example of concept.
If it takes you x years to reach Grade-A peak ... it takes an additional 2x years to reach Grade-B peak ... and additional 3x yrs to reach Grade-C peak .. etc .. etc.
and .. Technological improvements help to compensate some along the way.
and .. As price of Product A goes up .. it only makes it more cost effective for Product-B to replace Product-A.
etc ... etc.
All together .. is why adjusted for inflation the price of gasoline has not been on a regular incline .. even as we continue to use large amounts of it .. it's a market with fluctuation cycles going high and low .. like many other markets .. the magnitude of the cycle fluctuations also tends to roughly follow Standard Deviation like Bell Curve Distribution.
For more visual example of concept ... See attached ~60 year trend 1950 to 2010.