Friday, March 20, 2009

Peak Oil: Myth or Reality

Oil and stock analyst Tony Ericksen of the Oil Megaprojects Task Force concludes that global oil production peaked in 2008:

"World oil production peaked in 2008 at 81.73 million barrels/day (mbd). This oil definition includes crude oil, lease condensate, oil sands and natural gas plant liquids. If natural gas plant liquids are excluded, then the production peak remains in 2008 but at 73.79 million barrels per day. However, if oil sands are also excluded then crude oil and lease condensate production peaked in 2005 at 72.75 mbd.

The US Energy Information Administration (EIA) and the International Energy Agency (IEA) should make official statements about declining world oil production." (continued here).

Other sources have concluded much the same.

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