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RIP: Peak Oil - we won't be running out any time soon

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Re: Re: Not Dead - merely sleeping

@Ross 7

Two points:

"Dinosaurs aren't dying like they used to you know! ;)"

I'm really hoping the smiley at the end means you know oil doesn't now and never has come from dinosaurs.

"It shows a change from 400 to 1000 wells over 3 years."

Actually the graph doesn't show anything at all about the number of wells as it shows the number of rigs; you can tell from the part of the caption that reads "US oil rig count". It's a distinction with a difference. You see a well is a hole that has been drilled and it may be actively producing or not and may even be "dry". A rig is the drill that makes the hole. Rigs move from site to site making wells but once the well is done the rig moves to the site of the next proposed well. Since a well may be dry or inactive a well count wouldn't tell us much and just as bad the rig count doesn't say if that is the number of total rigs or active rigs. I assume it should be an active rig count as there isn't much point in counting rigs that are down.

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