The world is finally beginning to perceive that oil might just be more dear in the future. Today comes another news note pointing to the concept that we may have reached the peak of global oil production. The news is that discovery of new oil reserves in the Gulf of Mexico has hit the lowest level in a decade. Specifically, according to the energy consultancy Wood MacKenzie as quoted in today’s Financial Times and elsewhere, the 2007 new reserves were less than half of those found in 2006. Continue reading Peaking out? →