The Peak Oil disbelievers often claim that if we'd only invest more money in oil discovery, we'd have 25 or more years before a peak. Recently the UK's energy minister made such a claim (read more). I keep hearing this argument, but I've yet to hear an explanation of why one should expect so much undiscovered oil. Are there respected geologists who have scientific reasons to suspect there are still large discoveries to be made? Perhaps there is such a scientific explanation, but I haven't heard it. It sounds to me, that these optimists are relying on faith rather than facts.
I'd rather see the investment in research in renewable energy. In the meantime, our government should provide incentives for energy conservation. I'd love to know how much the US spends each year on oil drilling as opposed to renewable energy research.