The Great Game

Is this the year that peak oil arrives? One expert says yes and backs it up with facts.

The EIA projects that all the world's oil producers will increase their oil production hugely by 2030. They see Saudi Arabia shooting up to 17.1 million barrels a day when, in fact, Saudi production fell 7 percent just over the past year alone to 8.4 mm/b/d. They see Mexico shooting way up, despite the announcement last year by Pemex that the Cantarell field (60 percent of Mexico's total production) is crashing at a minimum rate of 15 percent a year. They see Russia zooming way up, despite the fact that Russia is probably past the 70 percent mark of its original total reserves.

Scary thoughts.

Peak oil has a bright side. It will make renewable energy much more economical and put us a long way down the road to solving the problem of climate change.