Re: International Energy Association Predictions
If you do the math on the Reserves/Production Rates (side bar in the article) things look pretty good. However, both the oil field with the highest R/P ratio (Burgan) and the one with the lowest (Cantarell) have officially peaked -- they are depleted to the point where production can't be brought as high as it was a few years ago. OPEC reserve estimates don't mean much. Unlike in the US, where accounting rules lead to conservative estimates, OPEC reserve numbers were manipulated to get higher production quotas. Once a few countries doubled their reserves overnight, the other OPEC nations followed suit.
I'm watching news coverage of a major tornado < 20 miles from here, plus 6 smaller ones, but I think this may be more disturbing, even though I've been concerned about peak oil for over 5 years. Unlike the undamaged house next to a destroyed one, no one, not even the totally car-free, will be spared by the coming energy shortfall.
Last edited by Bike123 : 05-22-2008 at 11:39 PM.
Reason: sent before I was finished