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Politics : Rat's Nest - Chronicles of Collapse

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To: Wharf Rat who wrote (4854)	10/10/2006 11:00:45 AM
From: Wharf Rat	Read Replies (1) of 24213

Crude Assumptions - The State of the Peak Oil Debate James Ward, FN Arena Okay, so by now we've all probably heard about "peak oil" – the point at which the world reaches its all-time maximum oil production level and then begins declining, triggering a global economic/humanitarian crisis and proving once and for all that "limits to growth" are real. Whether you think peak oil is a scientific reality or the wailings of a doomsday cult, as an idea it is very worrying and as a movement it is gathering momentum. It is generally accepted in the petroleum industry that production decline occurs after a given oilfield reaches its peak, and there are many places that have demonstrated that the phenomenon is also real on a regional scale. Countries such as the US, Norway, Venezuela and Australia have all reached their oil growth limits and production is now in net decline in those countries. Common sense then tells us that if all oilfields will eventually peak and then decline, there will inevitably come a point in time when the lost production from declining oilfields begins to outweigh new production from growing ones. That point is global peak oil. fnarena.com

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