Peak Oil? Really is that back again?

Oil is not going away...like James Dean (even after his death) it will be around a long time.

No doubt that if we keep consuming oil, one day it will run out.  Not literally, but economically something else will come along that is cheaper and better than oil.

But anyone who really understands commodities and economics knows that consumers will change their habits for price.  Higher prices result in more production.  Price goes up on oil, then conservation increases, production increases, and demand drops.  That is why peak oil as predicted will not happen.   That is not to say prices for gasoline won't go up and prices will tend to keep going up over time.  Still, worrying about peak oil is a waste of energy.

Update:
Fracking!
New drilling technology will turn assumptions on their head...
Animation showing what fracking is...
This is true for all commodities.
Belmont Club...