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Oil is non-renewable over the human timescale. Its extraction rate is initially zero, then it increases (the phase that we have known for the past 150 years), reaches a maximum called “peak oil”, then declines due to natural and human constraints. That is why oil will potentially be extracted for another 150 years, but less each year, and at increasing costs: first there was conventional oil, then oil sands and shale oil, and in the future, maybe oil from shale rocks. […]
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Rystad Energy concluded this week that 2017 was yet another record low year for discovered conventional volumes globally. Less than seven billion barrels of oil equivalent has been discovered YTD. “We haven’t seen anything like [...] -
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