Monday, October 22, 2007

Oil Production Peaks

Oil production peaked last year, says an energy group in Germany, much sooner than experts predicted. (The International Energy Association isn't worried.) Production will now be decreasing 7% a year, they say.
"The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy...."
Current supplies are good only for about 30 more years, they predict.

May you live in interesting times.

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