Peak Oil Causes Economic Problems
Peak Oil Causes Economic Problems
World oil production has already peaked and will fall from the current 81M bbls/day to 39M bbs/day by 2030, according to an Energy Watch Group report which is due to be released today. The group says that global oil production has peaked in 2006, much earlier than most experts had expected and predicts that production will now fall by 7% a year. EWG’s founder says the “world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy.” The group also predicts significant falls in gas, coal and uranium production as those energy sources are used up.
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posted by Victor Lloyd Smith @ 12:35 PM
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