Back in 2005, I wrote a book with Peter C. Fusaro called Energy & Environmental Hedge Funds – The New Investment Paradigm. Within the book, we did a bit on peak oil. I felt compelled to write it for I am after all a Petroleum Geologist by training and, at the time, there was some chap in the US telling the world that Saudi was lying about its oil reserves. He sold millions of books pushing this obviously incorrect theory. My thesis – and I’m sticking with it – was that oil reserves are driven by two things – the price of oil and human ingenuity. Of course, to a left-wing Professor of woke at a London University College, this was like throwing gasoline on the fire. He wrote a damning review about how I represented an old fashioned mindset and didn’t get it. Well, guess who got the last laugh? I’m sticking with my thesis. What many do not seem to understand is that in many old fields, recovery rates were extremely low. Sometimes less than a third of the oil was actually recovered. Not only that, but geologists continually dream up new plays. So, if the appetite is… continue reading