Peak oil is a scary thing. We've had a few discussions surrounding the topic, and it's something that is always hanging around, for those who are aware of it.
This morning, Grist has an article positing that we may have already reached peak oil in the international markets, leading to a decrease in production of around 30 million barrels per day by 2015. What does that mean?
"Steep falls in oil production means the world now needed to replace an amount of oil output equivalent to Saudi Arabia's production every two years, Merrill Lynch said in a research report."
The fall in output, as well as demand has been complicated by the economic recession, which has cut global investment for oil production. "The only thing that can save the world from a return to soaring oil prices by 2010 or 2011 is if economic slowdown turns into 'a multi-year event where global oil demand was pushed down structurally for the next five years.'"
That's a pretty gloomy prospect. Avoid booming gas prices by plunging deeper into recession.
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