Oil's Peak: End May be Near

[Mr_Jefferson_24]

Until recently, opinion on the future of world oil supplies was dominated by two views. One group of experts held that production would decline fairly soon, within a couple of decades at most. Another group argued that the crude would keep flowing for generations, thanks to ever-advancing detection and drilling technologies.

Either way, the scenario was for a gradual and orderly transition to fuels of the future. Now a third perspective is gaining both popular attention and professional respect -- the notion that oil's decline will be sharp and uncontrolled, following a peak that may be more or less at hand.

This "peak oil" theory is neither new -- some geologists think the world has already passed the high point of recoverable reserves -- nor universally accepted. But it is gaining ground as world demand surges, especially in China and India, and as the most important supplier shows signs of strain.

Pretty much everything about Saudi Arabia's oil reserves and production rates is a state secret. This leaves its customers to rely on promises and assurances that can't be checked, from officials whose self-interest can't be ignored.

...

http://www.commondreams.org/views05/0827-26.htm

[Deja Q]

1. I no longer believe in peak oil.

They lie to us all the time.

We still pump lots of oil in our own country.

They are choosing to cull the population with the impetus being one's financial status. Why else offshore?

The US is in a lose-lose situat6ion if "peak oil" turns out to be true. It wants the oil for itself. Yet everything it DOES happens to be predominantly IN China and India. Whoops. So, yeah, China and India will fight back... interesting to note we've been selling nice weapons to India recently too... :rofl:

[mhr]

4. Yes We Will Continue To Pump But It will Not Be Enough

To meet our needs.

That is what Peak Oil Is all about - declining natural resources with ever increasing demand.

It's a recipe for disaster.

[Bucky]

2. There's a good chance peak oil has already passed

We may be in the downswing now. There's a LOT of fallow wells barely pumping out there.

[acmejack]

3. The US is has went past peak oil on our own resources

Believe it!

[hadrons]

5. it happened in 1971 .....