In a lengthy article appearing in the Energy Bulletin, W. Zittel, Et Al, discredit the forecasts by USGS, EIA and IEA in what may be the final blow to these peak oil optimists -- "those who believe that rising prices will induce a fast increase of oil exploration and production." The article gives a well thought out critique of the optimists forecasts. For those of you who are new to the subject of peak oil it is worth reading.
The authors do not conclude a certain date at which peak oil will occur or has occurred, but rather indicate that it is a mute point whether production has peaked or that it is barely keeping up with demand.
The only glimmer of hope that I see for more oil is, that as oil prices continue to escalate, the quantity of heavy oil from Venezuela, tar sands oil from Canada and shale oil from the U.S. might start to make a slight dent in the rate of decline petroleum oil. I hope so, because the means of mitigation of the decline are not in place and we could easily face a "great depression".
Technocrati tag: peak oil