Petroleum  is practically unexhaustible and prices will remain  low

 Danilo Anton

In the 1970's it was believed that petroleum would be exhausted very soon, probably in 10 or 20 years. This trend was based in a theory called “Hubbert's Peak” according to this point of view for any given geographical area or for the planet as a whole, the rate of petroleum production tends to follow a bell-shaped curve and therefore its exhaustion will take place on a short term. Thhis prediction was well described in a recent article of “The Wall Street Journal”.

For decades, it has been a doomsday scenario looming large in the popular imagination: The world’s oil production tops out and then starts an inexorable decline—sending costs soaring and forcing nations to lay down strict rationing programs and battle for shrinking reserves.

U.S. oil production did peak in the 1970s and sank for decades after, exactly as the theory predicted. But then it did something the theorydidn’t predict: It started rising again in 2009, and hasn’t stopped, thanks to a leap forward in oil-field technology¹ 

What is not said in this article is that Hubbert's prediction was based on the belief that oil had a “fossil” origin and was formed through the accumulation and chemical transformation of organisms, and its migration up to appropriate sedimentary traps (i.e. clay layers).

However, this theory, which is still considered correct by many scientists and engineers does not explain many facts and processes that occur in the main oil fields worldwide.

The alternative hypothesis, developed by Russian and Ucranian geologists and the Austrian astrophysicist Thomas Gold, states that liquid and gaseous hydrocarbons are originated in the Earth upper mantle and lower crust. Therefore, there was no reason for high prices because petroleum, which IS NOT A FOSSIL FUEL can exist practically everywhere, and exploitable oil fields have developed (and will develop) in many places throughout the world. As a result the very high prices of petroleum (which were above 100 U$S dollars the barrel, up to 140 U$S in June 2008) started to fall to U$S 40 dollars or less.

Obviously, there are other factors that influence the prices of the oil barrel: political, infrastructural, logistic and financial issues. However, the bottom line is the actual geological availability of hydrocarbons. Because the abiotic theory predicts increased production and lower prices it seems that the reality is showing that petroleum has mineral origin and the fossil fuel theory is not correct.

1 Russell Gold, Updated Sept. 29, 2014 4:26 p.m. ET;

http://www.wsj.com/articles/why-peak-oil-predictions-haven-t-come-true-1411937788