There is so much oil, so insanely much, and we constantly find new sources. The biggest risk to oil is governments outlawing / taxing it to be uncompetitive.
The reserves are high, but the energy required to extract them are increasingly costly. Shale oil extraction requires about 25% of the energy extracted. Same goes for Venezuela's gargantuan reserves: higher volume than Saudi Arabia, but the lowest quality; almost entirely asphalt-like. You have to expend large amounts of energy to heat it so that it becomes liquid and can go into a pipe.
And peak oil is very real. Earth is desperately still 13k km in diameter, in the face of economic growth that has been exponential for the last 200 years. At some point some limits are going to be reached; and the author thinks we're not that far from them.
And peak oil is very real. Earth is desperately still 13k km in diameter, in the face of economic growth that has been exponential for the last 200 years. At some point some limits are going to be reached; and the author thinks we're not that far from them.