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Article in Oil Drum on Peak oil using EROEI
I'm just throwing this out for discussion. I read the most recent article in The Oil Drum that, as I understood the article, was using EROEI to explain why we have not fallen off the Peak Oil cliff even when crude production has been stagnated for over five years. It seemed to be another way of saying higher prices will bring in more production. I can't ague with that having studied economics, but there are limits.
The plateau seemed to be an important point, but if you look at the US peak it was a plateau, and people didn't think anything was happening until several years later. I don't see any reason to try to explain away the plateau, especially, on a global scale.
Just wanted to start a conversation and learn more from you guys.
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It may spur more production, but there are limits to what percentage of our total GDP can be allocated to oil based consumption. We have, I think already bounced off that limit in the last couple of years and our economy is readjusting now to see if it can handle a new high, but with reallocated resouces aka lower standard of living.