Do you think the "PeaK Oil" theory is credible? And, if so, when might we see it begin to happen?

Question

If you are unsure of what this theory is, here is a brief summary:

http://en.wikipedia.org/wiki/Peak_oil

I find this theory quite fascinating. And I do think it could happen one day, but its impossible to predict when it could begin, as the technology of oil extraction and refinement, as well as oil efficiency, seems to be always increasing.

What do you think?

Will this ever happen?

And if so, when?

If not, why not?

Answer 1

sure it will if it hasn't already. That, and the fact the oil companies are not building any more refineries, so they are limiting their output anyways.
Do note, what is removed is the top 40%, the rest stays there in the ground. And you can't rightly go out there and get it out yourself so they got you where they want you - you will pay what they ask. If they say there is no more, there is no more.
We even are giving the oil companies a hand by extending their reserves by getting fuel efficient cars.

Answer 2

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Answer 3

Eventually we will reach a point where global production of oil will peak out. T.Boone Pickens was on the other day and he says we are there. That production has maxed out and demand is still growing that's why oil prices are blowing through the roof.

We'll know by next Spring. His prediction is $4.00/ gallon gas by next spring.

Answer 4

I guess it not matter in my opinion Oil makes people rich (I have made a few bucks too off stocks). But, the bottom line there are many alternatives. Oil companies just not want us to know, but, it coming.