It has the second-biggest reserves after Saudi Arabia in terms of liquid oil reserves, and it has relatively simple geology.

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Texas, for example, which has permitted more wells than any other state, has more real knowledge about the geology, hydrology, and impacts of oil and gas development than the federal government will ever gain.

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Of course, there is more than just geology that is setting us up for Peak Oil.

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Oil companies must look increasingly to less and less stable regimes and trickier geology to bolster their reserves.

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Geology has granted two-thirds of the world's proven oil reserves to Saudi Arabia and four of its neighbours.

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