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Time to Worry: World Oil Production Finishes Six Years of No Growth http://apocadocs.com/s.pl?1320685968
We are entering what may be the longest stretch of no growth in world oil production since the early 1980s. But the reasons for that lack of growth differ in ways that ought to make us all uncomfortable.
Starting in 1980, production slumped because for the first time in history people needed less oil. After the huge oil price increases in the 1970s, cars suddenly got smaller. People became more careful about combining trips to save gas....
Six years from the ostensible topping out of conventional petroleum production, prices remain considerably higher. Oil prices finished 2005 around $50 a barrel. As of this writing, they are around $90 for Nymex crude and around $110 for Brent crude. This, of course, is exactly the opposite of the trend which occurred in the six years following the 1980 peak....
When I ask audiences how long a billion barrels of oil will last the world at current rates of consumption, I often get replies that range anywhere from three months to 5 years. The correct answer is 12 days. Just multiply these multi-billion-barrel discoveries by 12, and you'll realize right away that they are not going to overcome the constraints we are experiencing in oil supplies.
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[Read more stories about:
peak oil, economic myopia]
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