Add a fresh discovery of up to 600,000,000 barrels of oil 300 miles off the Newfoundland coast to the list of oil that no one knew existed before it was found, evaluated, and an estimate made of recoverable oil.
One of a long list of fatal fallacies in Peak Oil doctrine is that no more oil will ever be discovered.
The only way to project the day we run out of oil is to calculate how long it will take to use up what we know about at the rates we are using oil. That assumes there won’t ever be another field discovered. Having made that fatal assumption, one can then conclude we are in Peak Oil.
That is, until Statoil of Norway comes along and finds another half billion barrels in Bay du Nord.
And until another field is discovered next week or next month. And excluding 200 million new barrels in the Mizzen field, announced in January.
Check out Reuters’ article: In Canada’s North Atlantic, New Oil Frontier Shows Life Beyond Shale
Eventually, we will bury Peak Oil doctrine, but in the meantime it is still necessary to point out the folly and fallacies contained therein.
(Hat tip: Million Dollar Way)