It’s here. This IEA report spells out peak oil as being in the past.
“Days of cheap energy over, IEA figures show”
The IEA’s annual outlook on investment, released today, shows annual investment in new fuel and electricity supply has more than doubled in real terms since 2000. Costs to the oil and gas industry also have doubled in that period and the IEA warns of “gradual depletion of the most accessible reserves.”
Canada is already seeing projects cancelled because of the high costs of developing the oilsands. And its contradictory stance on climate change with rules for the oil and gas industry repeatedly delayed may contribute to future uncertainty.
There would be no “gradual depletion” if we were in the non-peaked early 20th century.
The added expense of energy has a silver lining in that it will convince affluent North Americans to consider lower energy means of living. This could reduce pollution causing lung disease and climate change.