"Peak Oil", here at last.
Feb 28th, 11
Most “in the know” authors of the status of global oil production, recoverable reserves or anticipated discoveries were either touting warnings of Peak Oil on the one hand, or on the other hand, refusing to acknowledge any practical foundation to the theory and giving only a slightly noticeable grimace of opined canards about the subject altogether. Suddenly half a decade later it appears to be reported as a part of history, and from one of the more derisive “experts” on the subject. The 2010 IEA World Energy Outlook indicates conventional crude oil production on a global basis peaked in 2006. While the report indicates unconventional oil and liquid gas will fill a large gap in declining conventional oil production through the year 2035, said decline is indicated to fall to one-third of 2010 production level by that same time.
click link to read more:
2010 IEA World Energy Outlook http://www.energybulletin.net/stories/2010-11-11/iea-acknowledges-peak-oil