There is plenty of oil I agree... but the problem is where and how do you extract it. Peak Oil refers to the oil we are used to extract and use easily without changing our life style.

It doesn't warm me any bit to know there is oil for 200 years in Alaska if the cost of extraction will bring the price over 200-300 $.


No doubt there's plenty of oil and the economic problem is a serious one but the problem EIoER (Energy Input vs Energy Return) doesn't have solution! When it takes more energy to extract a barrel of oil than the extracted oil gives, it makes no sense to keep pumping. And be sure there's a lot of oil that will never be extracted because of that.