Oil, Half Way To Empty
Dr. Colin Campbell and others used Hubbert’s methodolgy to calculate when world oil production will peak and begin to decline. Forcasting Global Oil Supplies(Note: a very technical pdf). Their conclusions predict the peak will occur in 2005 or 2006 and decline from that point on.And this:
So, what happens when oil is over $100 a barrel? This will probably be the case by the end of this decade.Well guess what?
Depleting oil supplies threaten 'meltdown in society'
29 October 2007
NewScientist.com news service
It is downhill all the way for oil, according to a study by the Energy Watch Group (EWG) in Berlin, Germany. It reported this week that world oil production peaked in 2006 - far earlier than expected.
EWG analysed oil production figures and predicted it would fall by 7 per cent a year, dropping to half of current levels by 2030. The announcement comes as oil prices reached record highs last week, at more than $90 a barrel, and contradicts optimistic projections by the International Energy Agency in Paris, France.
The report also predicts significant falls in gas, coal and uranium production. The group warns that supply shortages could cause "a meltdown in society", leading to scenes of mass unrest, such as those that took place in Burma earlier this month when the government pushed up fuel prices.