The Peak-oil Conundrum
Theories abound regarding the imminent collapse of oil supply. The recent discovery of a massive quantity of oil lying under Brazilian waters is vindicating skeptics like Michael Lynch, an energy consultant formerly from MIT. He writes: “A careful examination of the facts shows that most arguments about peak oil are based on anecdotal information, vague references and ignorance of how the oil industry goes about finding fields and extracting petroleum”.
He goes on to even suggest that, as fresh supplies emerge, oil will be so abundant that a new $30-a-barrel era is not as fanciful as conventional wisdom holds. This is nonetheless far from a case for downplaying the urgency for developing alternative sources of energy.
