And the evidence? Right, right oil futures at $80.99. Has nothing to do with hurricane season, impact of Humberto on US refineries and Gulf Coast production. It must be the end of the oil era.
-----Original Message----- >From: The Buffalo In Da' Midst <[EMAIL PROTECTED]> >Sent: Sep 14, 2007 5:23 PM >To: [email protected] >Subject: [PEN-L] CNN on "The end of oil" > >The end of oil >A small - but growing - group of experts think world oil production >will peak in the next few years, to devastating effect. >By Steve Hargreaves, CNNMoney.com staff writer >September 14 2007: 2:50 PM EDT > > >....But its adherents are growing, and include some fairly well-known names. > >In the coming week, a former chairman of oil giant Royal Dutch Shell >(Charts) is speaking at a peak oil conference in Ireland, as is former >U.S. Energy Secretary James Schlesinger. > >Most peak-oil proponents simply don't believe the numbers put forward by >industry and the government. > >The world will produce 118 million barrels of oil a day, up from its >current 85 million barrels per day, just to satisfy projected demand by >2030, according to the Energy Information Agency. > >"That's never going to happen," said Richard Heinberg, a research fellow >at the Post Carbon Institute and author of three books on peak oil. > >Heinberg says world production of regular crude oil actually peaked in >May 2005. He also says production in 33 of the 48 largest oil producing >countries is in decline, and that global oil discoveries peaked in 1964. > >Most importantly, he says reserves in the Middle East, where EIA >predicts the bulk of new supply will come from, have been >"systematically overstated." > >"Everyone just takes their figures at face value," Heinberg said. "But >they are national oil companies, they can't be audited." > >In Full: >http://money.cnn.com/2007/09/14/news/economy/peak_oil/?postversion=2007091414
