The claim that the world is irresponsible in rapidly consuming irreplaceable resources ignores technical progress, market pressures, and the historical record. For example, the "Club of Rome," with the use of exponential growth assumptions and extrapolations under static technology, predicted serious commodity shortages before 2000, including massive oil shortages and famine. First, the new production technologies are proof that science and knowledge continue to advance and that further advances are anticipated. Second, oil prices will not skyrocket because technologies such as manufacturing synthetic oil from coal are waiting in the wings. Third, the new technologies have been forced to become efficient and profitable, even with unfavorable refining penalties. Fourth, exploration costs for new conventional oil production capacity will continue to rise in all mature basins, whereas technologies such as CHOPS can lower production costs in such basins.