If, in the 1990's, Congress had allowed outer coastal shelf drilling along the east coast and Gulf Coast of FL and in ANWR those sources would have come on line by now. Also, if the Russian kleptocracy had let the international oil companies keep their contracted oil exploration and production rights then Khamchatka and Siberia would be in production by now. Instead, the kleptocracy is incompetent to the task and is unable to effect yet another bait-and-switch.

I'm not saying Peak Oil isn't going to occur within the next decade or so (I believe it is). I just don't think we will recognize it.

See, when oil was $30/BBL the world was beginning to run-out of $30 oil. Now that it is over twice that price for oil it makes previously unprofitable venture, profitable. This expensive oil has resulted in a tremendous investment in exploration world-wide. There have been stupendous advances in seismic exploration that has vastly improved accuracy. But it takes several years to progress from seismic exploration to producing oil field. So I figure we'll see another step upward in world-wide production and in reserve estimates.

But in the long run, we are depleting oil faster than it is being created -- if it is still even being created. But hand-in-hand with increased oil prices and increased oil exploration is research into alternatives.

I'm almost willing to bet that some genius engineer of some sort, somewhere, is going to patent a system or methodology that seems completely absurd right now, but that will revolutionize energy conversion.

Call it a statement of faith because I sure have no evidence. If I did you can bet your bippy I'd be investing in it!

B