Part of the catechism of Green Catastrophism is describing the forthcoming horrors of Peak Oil. You know, the world is running out of oil and the dislocation and suffering that will bring to humanity is unthinkable--so, the governments of the world (through the UN) had better come up with a government led solution to save us all, yah de yah de yah.
But, we recall the sage words of Sheik Yamani. He opined that the Coal Age ended not for lack or shortage of coal, and the Oil Age will also eventually end, but not for lack of oil. The Sheik knew a thing or two about economic development, it would appear.
"Peak Oil" looks a more and more distant risk. Take this as an example (it's not uncommon):
Massive Oil Deposit Discovered in Arctic Region
Norway’s Statoil said Monday it has discovered a large oil reserve in the Barents Sea, its second major oil find in the Arctic region in less than a year.
The state-controlled oil company said a well drilled in the Havis prospect in the Barents Sea proved both oil and gas at an estimated volume of between 200 million and 300 million barrels of recoverable oil equivalents.
Last April, Statoil said it had discovered between 150 million-250 million recoverable barrels of oil equivalents in the nearby Skrugard prospect.
The company has received a huge boost to its reserves in the past year. In August, it announced the biggest find in the Norwegian continental shelf in 30 years with a massive discovery of 500 million to 1.2 billion barrels of oil in the North Sea.
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