Here’s the central problem with peak oil:
- World oil production will hit its peak around 2011 unless some totally unanticipated discoveries occur between now and then. So far, none of the discoveries recently announced in the press have been unanticipated. Furthermore, new discoveries tend to be in hard-to-reach places, simply because all the easy-to-reach spots have been exploited long ago. Tertiary exploitation of these resources has begun and will eke out more oil, but at a rising cost of recovery.
- World demand for oil is growing, particularly in Asia. Continue reading Hitting the peak