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New discoveries of oil deposits peaked long ago. We are now discovering oil more slowly than we consume it. This isn't the end, but we might be able to see the end from here. Luckily, there is a *sh|tload* of oil locked up in oil-sand and shale (I think that's the right term). These are not as easy as pumping from a well, but it is becoming cheaper all the time and the wells will eventually fail.
- John

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