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Posted Thu May 21 2009: from Wall Street Journal:
Peak Oil: Global Oil Production Has Peaked, Analyst Says
Global production of petroleum peaked in the first quarter of last year, says analysts Raymond James, which "represents a paradigm shift of historic proportions. Unfortunately, mankind better get ready to live in a peak oil world because we believe the 'peak' is now behind us."... The contention rests on a simple argument: OPEC oil production actually fell even as oil prices were above $100 a barrel, a sign of the "tyranny of geology" that limits the easy production of ever-more crude. "Those declines had to have come for involuntary reasons such as the inherent geological limits of oil fields ... We believe that the oil market has already crossed over to the downward sloping side of Hubbert's Peak," the analysts write.
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