One of the premises that Chris uses for his argument is a belief in peak oil. The theory is carefully crafted to exclude new sources of oil. It claims that we are running out of easily accessible oil, and production from that easily accessible oil will slowly taper for the next 50 years until we are out of it.

As I said though, this theory excludes new sources of oil, like oil sands and very importantly oil shale. In the last 15 years, new technology has come around that has enabled US shale oil producers to economically extract shale oil. This is a very big deal because shale oil reserves dwarf conventional reserves by at least 3.5:1 as of current estimates.

The US is home to 80% of extractible shale, estimated to be roughly 4-5 trillion barrels, compared to all of the world's conventional reserves of 1.6 trillion barrels.