Sunday, October 11, 2009

Peak oil is coming...

A new study finds that the difference between the most conservative and the most optimistic predictions as to when worldwide oil production will begin to decline is only 15-20 years... and that doesn't give us much time to prepare.

... Discoveries of new oil fields are in decline. Even the "giant" Tiber field recently found by BP in the Gulf of Mexico "will only serve to delay peak oil by a matter of days", he says.

"Of the 70,000 oil fields on Earth, just 100 giant fields account for 50 per cent of the oil we use," says Sorrell. "Most of these giant fields are quite old and past their peak of production, and we're not going to find many new ones."

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