Friday, May 26, 2006

Suffering Peak Oil Fatigue? Prepare for a New Oil Glut!

Just when you thought it was safe to invest in alternative energy, someone like Len LeShack comes along and turns the world of oil topsy turvy all over again.

"There are still hundreds of reservoirs of conventional oil to be found in Alberta, and thousands to be found in the United States, but they are unlikely to be found with conventional exploration methods," says LeSchack.

The president of the privately owned Hectori Inc. of Calgary observes from his experiences.

"The industry is still basically using exploration techniques I learned at university in the 1950s. We geologists worked a lot on intuition, and then used seismic to back it up. Seismic is fine, but seismic can only find what seismic can find."

And LeShack knows exactly how to find these new oil reservoirs. In fact, he wrote the book on the topic with Dietmar Schumacher. Articles discussing some of these new exploration techniques can be found here, here, and here.

This is not far-fetched speculation, like the ideas of Thomas Gold probably are. This is hard headed innovative thinking in oil exploration. This is the last sort of thing that peak oil belivers want to hear about right now.

Peakers can only hope that Al Gore is elected US President soon, because Mr. Gore would certainly squelch these hopeful ideas quickly and thoroughly. The illusion of peak oil can be maintained so long as the people in control put strict limits on oil exploration and development. In the US, that is done through environmental restrictions. In Russia and other third world countries, it is done out of laziness, decadence, and the lack of desire to do anything that may drive oil prices down and stimulate other countries to find oil within their own borders.

So, is it really peak oil time? Certainly, as long as you can keep the lid on.

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