“Peak oil deniers claim that peak oil is an unscientific theory, ignoring that peak oil has actually happened in several countries like France, UK, Norway... and that there are more producing countries on decline than on the rise! Peak oil deniers claim that our estimate on world ultimate does not take into account the economy, in particular the oil price. They confuse proved reserves, which are supposed to represent the expected production with present technology and economy (with the oil price at end-year) with the 2P mean reserves, which are used to compute the Net Present Value from a forecast on oil price for the life of the production...”
Jean Lahérrere's latest over on the Oil Drum is a must read: "World Oil and Gas Production Forecasts Up to 2100"
