So why aren't we drilling new ones?
We ARE drilling new ones. Just before it blew up, the Deepwater Horizon rig was in the final phases of drilling a new exploratory well (and in fact, it has been suggested that pressure on the operators to get the well capped so the rig could be moved to a new site played a key role in causing the accident). A key insight in understanding why the Hubbert curve works is that in extracting oil from a reservoir, a point is reached at which the return in increased production diminishes with the addition of each new well; more artificial lift is required, and eventually, waterflooding and other methods, all of which consumes energy -- energy which, when subtracted from the total energy potential of the oil being produced, reduces that total correspondingly. If you think it's all about politics and economics, you're just flat wrong; you're up against hard laws of physics and geology here.
Are we completely out of oil already?
No. We will surely be extracting oil from wells in the US two hundred years from now. This isn't about being "completely out of oil", and never has been. If the concept, "
peak oil production" is too subtle for you to grasp, I don't know what help there is for you.
Or 5) You're a CT Peak Oil nutjob.
I won't contest that at this juncture, because it's not the point at issue. To refresh your memory, the point at issue is
whether the global community of oil analysts included highly visible peak oil doomsters forty or something years ago and that they were claiming that the peak was imminent then. In support of that claim, you offer a quote, from which I have snipped and bolded what I consider to be the most relevant to that argument:
- Abdullah S. Jum'ah, 2008
The very fact that you consider this adequate support for your claim says a lot about your ability to think critically. Again, if you aren't prepared to support the claim, you are free to retract it -- then, we could move on to examining what
today's experts are saying, including the above-mentioned outliers such as the example you have just provided, and see if we agree on whether there is a consensus.
As part of that discussion, we could take a closer look at some of what I snipped out of the quote you just posted:
We have grossly underestimated mankind’s ability to find new reserves of petroleum,
(Which doesn't do a bit of good if there aren't any large reserves left to be discovered -- as is suggested by the fact that the oil
discovery peak took place in the 1960's)
...as well as our capacity to raise recovery rates and tap fields once thought inaccessible or impossible to produce.
(Impossible to produce
at a profit he means, unless the price of oil is high enough to support it -- if high oil prices are part of the
solution, then there
isn't any problem).
Jum’ah believes that in-place conventional and non-conventional liquid resources may ultimately total between 13 trillion and 16 trillion barrels and that only a small fraction (1.1 trillion) has been extracted to date.
Completely irrelevant as far as the point of global peak production is concerned. It's not about how much oil is there.
It's about how fast you can extract it; peak oil refers to a rate of production.