So goes a chart heading in an article on oil production in today’s New York Times. The article points out that new technology, fueled by prices that encourage investment, is uncovering more oil in both old sources and new. Three-dimensional imagery, new seismic tools, steam-flooding technology, and horizontal drilling techniques are leading to new discoveries and higher production output from old sources.
“Within the last decade, technology advances have made it possible to unlock more oil from old fields, and, at the same time, higher oil prices have made it economical for companies to go after reserves that are harder to reach. With plenty of oil still left in familiar locations, forecasts that the world’s reserves are drying out have given way to predictions that more oil can be found than ever before.”
Are the “peak oil” proponents retreating? Not hardly.