Same thing here from around 2003 to 2006. I did not see the oil shale boom coming. I found plausible all of the peak oil pundits who argued that oil shale would barely, if at all, have an energy return on energy invested (EROEI) greater than 1, and thus it wouldn’t matter how high the price went—the costs would keep pace with the revenue, and it would not be economical to develop it. Of course, those pundits turned out to be wrong.
I remember the day when I really started to doubt peak oil. It was when I saw a TOD article on Toe-to-Heel-Air-Injection for heavy oil and I thought, “By golly, maybe they’ll be able to use all of that heavy oil after all....” If I had had any money at the time, rather than being a high school student, I would have put money on heavy oil and oil shale from that point on, and I’d probably be doing pretty well by now...
I wonder whether the failure of Peak Oil should lead to mistrust of fairly abstract arguments, perhaps especially those which lead to desired outcomes.
Same thing here from around 2003 to 2006. I did not see the oil shale boom coming. I found plausible all of the peak oil pundits who argued that oil shale would barely, if at all, have an energy return on energy invested (EROEI) greater than 1, and thus it wouldn’t matter how high the price went—the costs would keep pace with the revenue, and it would not be economical to develop it. Of course, those pundits turned out to be wrong.
I remember the day when I really started to doubt peak oil. It was when I saw a TOD article on Toe-to-Heel-Air-Injection for heavy oil and I thought, “By golly, maybe they’ll be able to use all of that heavy oil after all....” If I had had any money at the time, rather than being a high school student, I would have put money on heavy oil and oil shale from that point on, and I’d probably be doing pretty well by now...
I wonder whether the failure of Peak Oil should lead to mistrust of fairly abstract arguments, perhaps especially those which lead to desired outcomes.