* I don't think it's quite this simple, though, because if the US hadn't increased its production in recent years, other countries, most notably Saudi Arabia, might have stepped up their production to keep the red curve reasonably flat after 2006. And other countries might have taken up fracking more than they have, even though it's controversial. I'd suspect they probably will do more fracking, more than they are already, if oil production starts to seriously decline.
data sources:
monthly oil production, by country and for the world
World Population
US Population
1 comment:
This seems a little incongruous with the halving of oil prices over the past 6 months.
Is supply and demand broken?
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