Rob Wile, Business Insider - Chart of the Day, 14 June 2012 (hat tip: NC)
Below is a graph that we believe cast serious doubt on peak oil theory — the idea that we are imminently in danger of exhausting the world's hydrocarbon supply.
"The world is not structurally short of hydrocarbon resources – as our data on proved reserves conﬁ rms year after year – but long lead times and various forms of access constraints in some regions continue to create challenges for the ability of supply to meet demand growth at reasonable prices."
I am not sure if he is being intentionally dry -saying one thing while meaning another with a very neutral delivery.
The idea of peak oil is not that you run out of reserves, but that production becomes more difficult and costly, and at some point supply flow does begin to dwindle. How many hydrocarbons are actually in existence is somewhat beside the point.
Is bullet point quote, seems to be a pretty reasonable working definition for peak oil. You cannot get oil to the market at an affordable - reasonable if you will - price.