Thursday, May 22, 2008

Yes, Virginia, there IS an oil peak

This article in the WSJ shows that even the big boys are starting to give serious consideration to the coming (or now arrived?) effects of peak oil. The International Energy Agency is reviewing oil production rather than just projections of demand. So obviously they're no longer operating under the assumption that it's an unlimited supply. Whaddya know? Report due in November, but they're already downgrading former peak production figures from 116 million bbl./day (2030). Is this top-level acknowledgment that we've already peaked?


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