[dragonwriter]

> Except that it did not happen as advertised. Peak oil was advertised as "running out of oil period," not "running out of easy-to-access oil."

Some people have misinterpreted that way, but they are people who didn't understand the basic underlying theory. Peak oil is a production peak driven by running out of cheap-to-extract reserves faster than technology reduces extraction costs, such that the amount of the resource that can be profitably extracted with available technology drops.

It is very different from resource depletion, e.g., running out of all of the underlying resource.

[happyscrappy]

All these wells waiting for the price to rise will produce if supply decreases. What is the problem?

[astazangasta]

The price keeps rising?