The petroleum giants have been pushing a wave of biofuel advertising. But the nature of such fuel is complex, and under Big Oil, all too easily descends into greenwashing.
Articles: oil majors (3)
Peak oil does not occur when we run out of oil. Peak oil occurs when the marginal consumer is no longer willing to pay the cost of extracting and processing the marginal barrel of oil. And we can actually calculate what the related numbers are.
The combined crude oil production of the five main international oil companies (Exxon, BP, Shell, Chevron and Total) hit an historic high in 2004. Since then, it has fallen by 25.8%, despite large increases in investments.