> On the contrary, any pumping from the new fields will be as cost effective as it
> has been in the past.
I don't know why you really say that? For example, I've heard that extracting oil from fields that have a lot more sand and oild mixtures are a lot more expensive! So why do you assume that all the new fields will be as easy as the prior fields?
> The geographical location of these fields was what prohibited them from being found
> until this time--not anything to do with geology really.
Well, that is not my understanding! I thought that geology like sand/oil mixtures also had an important role to play in the cost effectiveness of pumping oil!
In addition, it always seems like things always tend to become a lot more costly in the future due to inflation. Essentially, that is the general problem of any debt based fiat money system...
eom