Peak oil is defined as the moment in time when the maximum rate of oil production has been reached. Once we hit peak oil the amount of oil will continue to decrease on average over the coming years. In this kind of environment any discrepency between supply and demand could be staggering....you think $149 a barrel was a lot? It could get worse if we hit a supply crunch again.
Of course the US government and most politicians have been completley oblivious or in complete and utter denial about the reality of the situation...
Some of us at theoildrum have been building models and running numbers to make our own predictions. The vast majority of the models build have shown the world hitting global peak oil production between 2005-2008.
Over the last several years the IEA (International Energy Association) has been claiming that peak oil was always' off. I believe about 5 years ago the IEA estimate was 2100, then they revised it down to 2050, then down to 2035, then down to 2015......and then...
Of course the US government and most politicians have been completley oblivious or in complete and utter denial about the reality of the situation...
Some of us at theoildrum have been building models and running numbers to make our own predictions. The vast majority of the models build have shown the world hitting global peak oil production between 2005-2008.
Over the last several years the IEA (International Energy Association) has been claiming that peak oil was always' off. I believe about 5 years ago the IEA estimate was 2100, then they revised it down to 2050, then down to 2035, then down to 2015......and then...
