But what if it's all just a short-term bubble?
In recent months we’ve seen a spate of assertions that peak oil is a worry of the past thanks to so-called “new technologies” that can tap massive amounts of previously inaccessible stores of “unconventional” oil. “Don’t worry, drive on,” we’re told.
We can fall for the oil industry hype and keep ourselves chained to a resource that’s depleting and comes with ever increasing economic and environmental costs, or we can recognize that the days of cheap and abundant oil (not to mention coal and natural gas) are over.
Unfortunately, the mainstream media and politicians on both sides of the aisle are parroting the hype, claiming that unconventional oil can play a key role in an “all of the above” energy strategy and that increased production of tight oil and tar sands can make North America energy independent within this decade.