To Clarify About "Peak Cheap Oil"

The reason cheap oil will peak soon and run out is because oil that is easy to extract from the earth is "cheap" and that oil is limited.

However, there are abundant deposits of deep sea oil, deposits in oil sands, deposits deep in the earth that can be extracted-- it just will cost more to get this oil.

So, what will "peak" soon, or is even peaking now, is cheap, easily extractable oil. But there is still a lot more oil out there.

Opening up the Iraq deposits will certainly prolong the peak, or even delay the peak, of cheap oil for some time, I would estimate.

That's why we went there, of course.