Martin Meenagh blog

World Oil Production Estimates

The US Energy Information Administration produced the accompanying graph. I found it on an excellent oil drum post. As you can see, it details a peak for oil production in July 2008, which is early. Production has declined. I think that this is going to be interpreted as a consequence of a fall in demand for oil.

It is, partly. But it is mostly a supply crunch. Though there is much more oil around, it is at depths and pressures, and in need of such refining, that rising oil prices in the future will be required to sustain it, particularly since credit and investment from the diverse forms of the markets are not noticeable by their presence.

We are in peak oil territory now. The European Energy Commissioner seems to agree.

The West must stop this cap-and-trade carbon nonsense, and stop tilting at windmills that won't move when it is hot or cold but only when we don't need extra power, and invest in energy conservation, coal, and nuclear research. We should also move full steam ahead to salvage the Nabucco project, and to develop relationships around the Mediterranean for the whole European Union.

The writing is on the wall, and I need not remind readers of the connection of oil with plastics, food and just about every aspect of everyday life.

The following song is by Bohemian Sunrise, and is called Kiss it All Goodbye.

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