Coal Peakers and Oil Peakers

Oil is not the first fossil fuel that conventional wisdom has identified as nearing exhaustion. Even before 1800, the worry in Europe was that coal — the supposed foundation of their greatness — would run out. European production actually did peak in 1913, and is nearly negligible today. Is that the result of exhaustion? Hardly — there are billions of tons in the ground in Europe. But it would cost too much for the Europeans to dig it out. At a price that would cover cost, there is no demand. Hence, the billions of tons of European coal are worthless and untouched. The amount of a mineral that is in the ground has no meaning apart from its cost of extraction and the demand for it.

The Real Oil Problem, M A Adelman