“Willingly or not the world will learn what Peak Oil means. The major underlying theme of this book, it means we are entering a period of accelerated oil and gas depletion, unstoppable price rises for oil and gas, and increased conflict for remaining reserves. Several articles provide detailed figures, and reference sources on the accelerating depletion of cheaply producible oil and gas.
Peak Oil will become an accepted fact within as little as 5 or 6 years. The CEO of ExxonMobil Exploration in September 2003 gave his corporation’s estimate of how much new oil production capacity must be found, proven, developed or upgraded to cover yearly losses of about 3.25 Million barrels/day due to both economic + geological depletion. Exxon’s estimate is that 36 Million b/d must be developed by 2015 to cover depletion. This is “four new Saudi Arabias”, or “twelve new Venezuelas”. In 11 years. This is at the least unlikely to be possible.”
[via CommUnity of Minds News]