I just want to share here the short conclusion from this article: Conclusion: The seemingly ever growing oil production is deceiving. The process of peaking is happening right under the growth curve. One has only to look for it. Once hitherto growing countries enter the plateau phase, the underlying decline will become visible in the global curve. That will be a surprise for many governments who take oil supplies for granted and think there will be enough time for solutions when it happens. I didnt write that but I wish I had. When are governments but more especially when are people going to realise the situation we face? Crude oil production has plateaued since 2005. It cannot maintain that holding pattern for long. In fact it is still staying level only because a handful of oil producing countries are still growing their output while the majority are in decline. Every year more countries reach their production peak and forever thereafter join the decliners. The US has been in decline since around 1970 and only marginally grows its production through shale fracking and other tight oil sources. The shale industry will be very short lived and even now many companies are pulling out because they are losing money hand over fist. When global peak is reached from all oil sources, and that wont be far away, and perhaps even before that occurs, the end of our current oil based economy and society, and the end of our accustomed comfortable way of life, is a foregone conclusion. Better be ready for that.
Posted on: Sun, 06 Jul 2014 06:57:54 +0000
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