|
It's a perfect storm.
March 6, 2008. "OPEC Says Members Won't Pump More Oil"
April 28, 2008 "OPEC president sees $200 oil possible"
Then look at all the major integrated oil companies. Many are having trouble replacing their production. Conoco and Exxon even had assets seized by Venezuela last year. Nationalization of oil asset continues to be a problem.
US peak oil production was almost 40 years ago. the UK probably peaked in 99. Their oil production is down 43% since then! Norway is down 25%. australia peaked in 2000.
Nigerian pipelines are being blown up.
Russia announced last month they might have reached peak oil production.
There are serious questions about Saudi production and reserve claims (Matthew Simmons book)
Mexico's Cantarell field seems to have peaked much earlier than anyone thought.
Oil consumption is supposed to increase by 35% over the next 20 years. Where will it come from when suddenly no one can produce more oil?
__________________
skype = "adultdatelink"
|