Peak Oil R.I.P.?

These facts of increased oil production are a dagger to the hearts of peak oil mythogists like James Howard Kunstler who would use that scare to force human beings into a rigid society of their liking. Glad to see these articles making their appearance on 24hr Gold.

The problem with the whole arguement about Peak Oil is that it centers around how much oil does or does not exist and what can or cannot be produced. It should be about how much it costs to recover. Yes, there is alot out there, and there will be more if you can wait a long, long time...The key is to understand Energy Returned on Energy Invested (EROEI) Historicaly, Saudi Oil costs from $1-$2 per barrel to produce light, sweet crude, the most desireable and least costly oil to process, whereas Shale Oil comes in at about $100 per barrel including capital costs for heavy sour crude, which is very expensive to process. And don't forget the 1-5 barrels of fresh water needed for each barrel produced.
So let go of all your Socio-Politcal baggage and objectively ask yourself "Will a 5000% to 10,000% rise in production cost in any commodity have an effect on market price?"
It's math. Math does not care if you are a conservative or a liberal. It doesn't care if you are American or Iranian. It doesn't care if you spend your time online or in the library trying to learn something new, or if you do it just to reinforce what your emotions tell you must be the truth. Math just... "is".