POAC XI: Peak oil

This is a rather pointless entry by the POAC folks, in my opinion.

I think I've heard Rush Limbaugh question peak oil, but I'm not sure on what planet it's supposed to be a GOP "talking point." My Internet survey found that many of the sites questioning peak oil were by anti-capitalists and/or conspiracy theorists who are convinced that oil companies are using "peak oil" as a strategy to maximize profits (among other anti-Peak Oil theories).

Here's the "talking point" as POAC presents it:

Peak oil is just a myth

And their refutation ('the facts"):

Saudis admit peak oil

Hey, if the Saudis admit it, then it must be true.

OPEC, the Organisation of the Petroleum Exporting Countries, will be unable to meet projected western oil demand in 10 to 15 years, Saudi officials have warned.

At today's prices, the world will need the cartel to boost its production from 30m to 50m barrels a day by 2020 to meet rapidly rising demand, according to the International Energy Agency, the Paris-based energy watchdog.
(finfacts.com)

Peak Oil, as I understand it, is the proposition that oil production will hit a peak, after which it will begin an inevitable decline. Regardless of whether or not Peak Oil is true, the cited article doesn't support it. The article clearly cites "rapidly rising demand," so the problem described in the story seems to be a failure to keep pace with demand, not a drop in production. Look in the rest of the story for the Saudi confirmation of "Peak Oil"--you won't find it.

An extra-embarrassing one for the good folks at POAC. It will be a pleasure adding them to the BBB Blogroll.