Yep, there probably is lots of oil still in the ground.
The question is, how much does it cost to bring it out? For example: Saudi Oil is estimated to cost $2 a barrel to pump. Oil from the Canadian oil sands is estimated at $80-100 a barrel to extract after they ramp up production more.
Maybe not peak oil yet...the days of cheap oil are dead or dying.
The question is, how much does it cost to bring it out? For example: Saudi Oil is estimated to cost $2 a barrel to pump. Oil from the Canadian oil sands is estimated at $80-100 a barrel to extract after they ramp up production more.
Maybe not peak oil yet...the days of cheap oil are dead or dying.