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Always remember there is no such thing as petroleum production.
You can move it around or burn it it transform it into plastic bottles, but nobody makes it.

This is actually NOT true. People DO make oil. Two good examples: makes petroleum from algae. makes petroleum from jatropha seeds. In both cases, production costs are somewhere in the $50-$100/barrel range. Not low enough to compete with just pumping it out of the ground. But PLENTY low enough to, I would WAG, guarantee petroleum never costs more than $200/barrel.

In both cases, I have linked to companies I like and have visited. But there are many companies involved in both technologies, many algae to petroleum players and many jatropha to petroleum players.

It is not petroleum which is a non-renewable resource. It is FOSSIL petroleum which is a non-renewable resource (at least on a timescale the human race is willing to consider at this time).

This is not a trivial point. The concerns of oil disappearing and our having to do without all the other things that can be made from petroleum are, essentially, simply wrong. As long as sunlight continues to hit the planet, it will be possible to make petroleum out of readily available renewable stuff. And the prices won't even be much higher than they are now, or have been at times over the past few years. What's a factor of two between friends? Certainly not the end of the world.

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