Is it? Isn't it? Is it, isn't it?
http://www.forbes.com/sites/arthurberman/2015/12/18/less-than-2-percent-of-permian-basin-commercial-at-30-oil/
Even if 'peak oil' is a myth (which I doubt) we're still extracting it faster that it can renew itself, and the existing global economy is designed around oil. How are we going to get around that little problem?
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