World oil supply may have already peaked

Discussion in 'In the News' started by Chuck, Feb 6, 2008.

  1. Chuck

    Chuck just the messenger

    Data from the International Energy Agency (IEA) show a pronounced loss of momentum in the growth of oil production during the last few years.

    [xfloat=right][/xfloat]Lester Brown - - Feb 5, 2008

    After climbing from 82.90 million barrels per day (mb/d) in 2004 to 84.15 mb/d in 2005, output only increased to 84.80 mb/d in 2006 and then declined to 84.62 mb/d during the first 10 months of 2007.

    The combination of world production slowing down or starting to decline while demand continues to rise rapidly is putting strong upward pressure on prices. Over the past two years, oil prices have climbed from $50 to nearly $100 a barrel. If production growth continues to lag behind the increase in demand, how high will prices go?

    There are many ways of assessing the oil production prospect. One is to look at the relationship between oil discoveries and production, a technique pioneered by the legendary US geologist M. King Hubbert. Given the nature of oil production, Hubbert theorized that the time lag between the peaking of new discoveries and that of production was predictable. Noting that the discovery of new reserves in the United States peaked around 1930, he predicted in 1956 that US oil output would peak in 1970. He hit it right on the head…[rm][/rm]​
  2. 98CRV

    98CRV Well-Known Member

    Either it has or it hasn't.
  3. Robert Lastick

    Robert Lastick Well-Known Member

    This is some HEAVY stuff you have come up with, Delta Flyer! What sent me reeling was the following at the end of the article. And I quote (bold & colors mine);

    "Since the United States consumes more gasoline than the next 20 countries combined, it must play a lead role in cutting oil use. A campaign to reduce oil use rapidly might best be launched at an emergency meeting of the G-8. If governments fail to act quickly and decisively to reduce oil use, oil prices could soar as demand outruns supply, leading to a global recession or - in a worst-case scenario - a 1930s-type global depression.

    We use more oil than the next 20 countries combined! Wow! I knew the Auto/Oil cartel had us off in La-La Land, but I never had any idea we were so far out of sync with the rest of the world. Now the true magnitude of the irresponsible and immoral actions of the Auto/Oil cartel come sharply into focus for me.

    We are already in the beginning throes of a global recession. The big 3 have nothing to offer us that would allow us to "kick our habit". Toyota and Honda are doing good, but we need more and we needed it 3 years ago. Most of us do not even realize we are teetering on the precipice of a world depression.

    But, on a lighter side, Chrysler LLC is re-introducing the Dodge Challenger, the legendary pony car at this weeks Chicago Auto Show. It will boast a 6.1 liter HEMI V-8 of 425 HP and will do 0 to 60 in 5 seconds, 0 to 100 in 16.6 seconds.

    Pretty darn fast, eh?

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