Comments on: Still Doubting? http://markfloegel.org/2008/05/08/still-doubting/ Sat, 08 Oct 2011 14:27:01 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: pleasexcusetheinterr http://markfloegel.org/2008/05/08/still-doubting/comment-page-1/#comment-13776 pleasexcusetheinterr Sat, 24 May 2008 04:41:37 +0000 http://markfloegel.org/2008/05/08/still-doubting/#comment-13776 I agree with most of this piece. But your use of the term "peak oil" is tragically misrepresentative. The term "peak oil" is not when demand exceeds supply. Potential demand always exceeds supply but actual demand always equals supply at a given price in an open market. There is never any more demand than there is supply. Unless we're talking about potential demand (if it was free or dirt cheep) but even if we're talking about potential demand then we reached peak oil back in the 70s or even earlier. If oil was cheaper now, lots more people could afford it and and there would be lots more demand. There will never be more actual demand than supply because the price will keep rising and people will conserve and an increasing number of people will not be able to afford it. The real question is how quickly the price rises. The real definition of peak oil is simply when production peaks. This point in time is really more symbolic than of actual importance. Prices will have already drastically increased before peak oil is reached, and will continue increasing after peak oil is reached. All the huff and puff about "peak oil" doesn't really mean much, considering production has already plateaued or is only slowly increasing right now. When production starts decreasing, nothing is going to change at all. Prices will continue increasing, just like they are now. I agree with most of this piece. But your use of the term “peak oil” is tragically misrepresentative. The term “peak oil” is not when demand exceeds supply. Potential demand always exceeds supply but actual demand always equals supply at a given price in an open market. There is never any more demand than there is supply. Unless we’re talking about potential demand (if it was free or dirt cheep) but even if we’re talking about potential demand then we reached peak oil back in the 70s or even earlier. If oil was cheaper now, lots more people could afford it and and there would be lots more demand. There will never be more actual demand than supply because the price will keep rising and people will conserve and an increasing number of people will not be able to afford it. The real question is how quickly the price rises.

The real definition of peak oil is simply when production peaks. This point in time is really more symbolic than of actual importance. Prices will have already drastically increased before peak oil is reached, and will continue increasing after peak oil is reached. All the huff and puff about “peak oil” doesn’t really mean much, considering production has already plateaued or is only slowly increasing right now. When production starts decreasing, nothing is going to change at all. Prices will continue increasing, just like they are now.

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