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by chalst
2038 days ago
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The prediction was that peak oil (i.e. the maximum rate of oil extraction) would happen in 2000. For conventional oil, this was not far off: production peaked in 2005 and has been in decline since. What the prediction missed is that we would extract shale oil on a large scale. The long-term economic viability of fracking is in doubt, though, since apparently no fracking enterprise has been profitable to date; it's all financed by venture capital. https://economicsfromthetopdown.com/2020/11/16/peak-oil-neve... |
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