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Exponential growth: perpetual growth versus finite resources
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<blockquote data-quote="brett636" data-source="post: 904443" data-attributes="member: 249"><p>The bakken oil field is not exactly a new field. It was originally discovered in 1951, and just a few short years ago was only producing 3,000 barrels a day. Today it is producing over 200k barrels a day and some estimates think it could reach 1 million barrels a day. How is this possible you ask? Why the very thing the Marxist professor in your original video dismissed and that is advances in technology. As the price of oil rises it entices drillers to come up with newer methods of extraction and that is exactly what occurred in the Bakken oil field. We will never officially run out of oil, only easy to reach oil. It will get more expensive overtime, and the energy market will discover newer, cheaper sources of energy and switch to that as time goes on, but until then oil is still the cheapest form of energy out there.</p></blockquote><p></p>
[QUOTE="brett636, post: 904443, member: 249"] The bakken oil field is not exactly a new field. It was originally discovered in 1951, and just a few short years ago was only producing 3,000 barrels a day. Today it is producing over 200k barrels a day and some estimates think it could reach 1 million barrels a day. How is this possible you ask? Why the very thing the Marxist professor in your original video dismissed and that is advances in technology. As the price of oil rises it entices drillers to come up with newer methods of extraction and that is exactly what occurred in the Bakken oil field. We will never officially run out of oil, only easy to reach oil. It will get more expensive overtime, and the energy market will discover newer, cheaper sources of energy and switch to that as time goes on, but until then oil is still the cheapest form of energy out there. [/QUOTE]
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