Exxon Denies 'Peak Oil'
9 March 2006 - 7:00am
According to the gasoline giant, 'Contrary to the theory, oil production shows no signs of a peak.'
"The [peak oil] theory does not match reality...Oil is a finite resource, but because it is so incredibly large, a peak will not occur this year, next year or for decades to come."
"With abundant oil resources still available -- and industry, governments and consumers doing their share -- peak production is nowhere in sight."
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Peak oil? [PDF Advertisement, 100 KB]
Source:
Exxon Mobil, March 2, 2006
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Interesting word-smithing
An interesting inference that only 1 trillion barrels has been used since the dawn of human civilization when one considers that the era of oil use is really only a 100-year history with a dramitic, increasing use curve over that period. Other interesting omissions and inferences. Agreed, this is a stockholder feel-good bit. Don't worry, no peak in sight.... at least for the next decade.
An estimate for shareholders
I've heard a number of different and wide-ranging estimates for how much oil is left. As much I'm sceptical of those that maintain that we will run out in a decade, I'm also sceptical of ExxonMobil. No oil company with shareholders is going to say "the end is in sight". It would destroy share value and only encourage governments to invest in alternative energy. Though they quote the USGS, there were many questions about that study, and it's not universally accepted.