PEAK OIL - The New Y2K or The Beginning of the Real End? Message Board

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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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To: Don Earl who wrote (1092)	7/27/2006 9:32:10 AM
From: I_C_Deadpeople	Read Replies (2) of 1183

Peak Oil theorists in the past were really just people screaming we are running out of oil. They have never captured the essence of peak oil. Peak Oil is a demand supply issue. There is a "peak" to how much oil can be pumped from any given field or region. The US, North Sea, and now Mexico have now all peaked and as such they still have lots of oil, they just can't extract it at the rates they used to. World demand has been increasing by 1-2 bbl annually - the world is just not finding that much EXTRACTABLE oil per year, hence the concern. If Gwahar peaks or is now peaked then the world needs to find a 3-5 million barrels a day type field just to keep up with demand. And a field that size has not been found for over 30 years. Why do you think the Chinese are going to such great lengths to secure supply? Making deals with Venz, Iran, Russia, Nigeria, etc. They fully understand the demand/supply curve.

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