The mid-east oil fields are not at peak capacity, with no reserve, and they will soon begin a rapid decline . .
I meant they are NOW at peak capacity.
Incidentally, I read that the recent estimates of oil in the Gulf of Mexico have been drastically downgraded. Someone drilling a test well must've hit suitcase rock. (K. Deffeyes says it is called "suitcase" because when you hit it you might as well pack up your clothes in a suitcase and head for home.)
Deffeyes book "Hubber's Peak" is essential reading for anyone who wants to understand the oil industry and the growing shortage of oil. It is the perfect antidote to know-nothing economists who believe that demand magically creates supply. See the Pop Quiz on p. 138.
- Jed
