Of course the crude oil production looked like it was increasing.
However the subsidies were the money the oil companies could not spend
to produce oil at a marketable price.
The subsidies look like running out as government borrowing continue
to climb into trillions.
So now we have peak fracking and subsidised oil which looks why
Royal Dutch Shell, as it was, announced it was studying how to exit
the oil industry.
If Shell, BP & Esso are thinking like that it becomes either electric
or hydrogen cars and trucks.
You cannot park hydrogen cars in underground car parks and presumably
cannot run them through tunnels.

There is one hell of a lot of nonsense talked about co2.
If any of it was half true we would already be cooked.
Instead the earth is greening, which I would have thought was a good thing !
It still snows in winter in some places and is very hot in others at
the appropriate time of year.
The pacific Islands are getting bigger on the whole, so much for sea rise.

Max snarks: "I note you haven't sourced this?"

You need a source for this? You claim to be very conversant with the issue yet are unaware of this most fundamental data? Its like a priest asking for a source to the crucifixion.

Still for you further education...
http://www.indexmundi.com/energy/?product=oil&graph=reserves
http://bettermeetsreality.com/how-much-oil-is-left-in-the-world-when-will-we-run-out/

Even though you then acknowledge the trend you then go on to claim that we'll run out of oil in 46 years based on the most simplistic of maths. (Its the carbon budget debacle all over again!).

What the data shows is that for at least the last 50 years we have been finding more recoverable oil each year (on average) than we use. There is no reason to expect this trend to stop any time soon, yet you have decided that it stopped this year! Why? Because that's what you want to believe not because it has any basis in fact.

We have more recoverable oil today than we had 40 years ago despite using ever growing quantities of the stuff. Based on that we can expect to have more next year and more the year after.

We'll stop using oil at some point. But it won't be because we run out of it or because of the utterly discredited notion of peak oil. Instead we'll stop using it because something better will come along.

(I note that the US is beginning experiments about using microwaves to beam power from space based solar farms to earth based receiving stations....who knows?)

"But Mhaze - interesting that you overlooked the single biggest subsidy! Ooops! (winks)"

The Fuel Tax Rebate isn't a subsidy. You really need to break yourself of this habit of reading something that suits your proclivities and then strenuously believing it to be true.

Only anti-oil zealots like the Australia Institute and their flying monkeys like yourself claim it to be a subsidy.

It is in fact a return of taxes inappropriately paid. Basically the Diesel Fuel Tax is levied on fuel to compensate for the damage larger diesel vehicles do to public roads and infrastructure. But some of that fuel is used by vehicles and equipment that never sees a public road - farm equipment, mining equipment. The rebate is for the fuel used in those instances.

This has been discussed a decade ago. Both the Productive Commission and the ATO looked at it and determined that it couldn't in any way be called a subsidy. Yet the zealots aren't swayed by mere fact.

It seems that Max doesn't have opinions - he just has sources, AKA other people's opinions in the main - that he passes on free of charge.

Max, I don't know if you read books at all, but you really should try 'Intellectual Morons : How Ideology Makes Smart People Fall For Stupid Ideas', by Daniel J Flynn.

You seem to to be smart. You could be smarter without the ideology.

Hi MHaze,
I happen to be a fan of anything that works. Nuclear, renewables with lots of pumped hydro for storage, or even "PowerSats" (space-based solar power microwaved back to rectennae).

But your assertions about always finding more and more oil are fantasy. Discovery peaked a long time ago - recent gains have been not in the RESOURCE but in the economically recoverable RESERVES because of the technological gains. It's not finding more, but being able to get at more. Look up Resource and Reserves on an energy or resources website - you seem confused about the difference.

Struth Max,

This just gets worse and worse for you.

1. In a post from just yesterday, I mentioned that there were two ways to achieve greater reserves. So the confusion is all yours.

2. "recent gains have been not in the RESOURCE". You really don't understand much about this at all.... http://energycapitalpower.com/top-global-oil-discoveries-in-2021/