What is relevant is the cost per barrel of oil in one process of retrieval or another.
I don't disagree that cost is relevant. Read this again from my post #277:
"
And the reason they were left over is that extracting the second 30% (say) of the oil from a well requires not only a greater input of money, but a greater input of energy -- the very thing you're attempting to harvest -- than the first 30% did."
Now, it might be fairly argued that what oil companies are really trying to harvest is
money, and they're doing that at record levels even as more of our conventional wells fall below the "marginal" threshold. But there are
two economies in play here, hence the second part of that bolded portion. A point which you have consistently either failed to grasp or refused to acknowledge (which no doubt makes it easier for you to answer my paragraphs with short sentences) is that extraction from non-conventional sources incurs higher
energy costs as well as greater monetary costs. But the global market doesn't care how hard you had to work to get your oil out of the ground. If somebody else can afford to sell it cheaper -- say, somebody who still has a significant production capacity from conventional sources and can therefore not only produce a lot more than you can but can do it at less cost -- then it's going to be
them setting the price; not
you. See how that works? These seem to me to be relatively simple and straightforward concepts, but if there's any part of that that you feel requires support by evidence, please point it out.
Now here is a statement:
I say that what is and always has been
most relevant is the
rate of extraction.
And here are my supporting arguments:
...because that is what determines what portion of our twenty-million-barrel-plus
per day oil habit we are able to service through domestic production, as well as how much impact our production can have on global oil prices. The 1970 peak of US production refers to a peak in the
rate of production. As previously noted, we're now producing just over half of what we were then, and though there have always been minor variations in production trends, the overall trend has been a steady decline ever since that year. I've already provided evidence for these arguments.
You have attempted to make a case for the peak of US production being a myth, and when challenged to provide evidence for that claim in the form of expert opinion, the closest you could come was a link to an article quoting a newspaper story as saying that a report from an investment firm had made an astonishingly optimistic prediction about US oil production, and neither you nor I could find even the newspaper story, let alone the report. What does that tell you?
Anyway, we've got highly profitable operations in both oil and gas shale production. What does that tell you?
That because our energy economy and our entire infrastructure (down to the locations of buildings) was designed entirely around oil and remains so, demand will remain highly inelastic, with people, businesses, and industries having little choice but to pay whatever price the industry decides it needs to charge in order to remain the world's most profitable industry.
But, yes, to a degree, I'm manipulating the dialogue, as a response to others doing so, and just for amusement.
Hey, we're all having fun here. Otherwise, what would be the point?