After posting the comments on peak oil theory yesterday, I ran across two good articles on the topic.
"Peak Oil Panic" by Ronald Bailey in Reason Magazine’s May 2006 issue is an excellent summary of peak oil thinking and its critics’ views. The on-line version of the magazine appears with a two-month lag, so if you don’t subscribe, make an appointment with yourself to check it out in June at Reason.com. Better yet, subscribe.
Today’s Wall Street Journal had a long article about new oil discoveries from a "played out" field in Montana. It’s now the largest oil reserve ever found in the lower 48 states, but it had been abandoned by the major oil companies when oil fell below $12 a barrel in 1986. Critical elements in the renaissance: new technology and higher prices. Gee, who would have thought?