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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: Nadine Carroll who wrote (111045)	8/12/2003 6:23:42 AM
From: quehubo	Read Replies (1) \| Respond to of 281500

Nadine - If you use individual countries production profiles as an example of what the global production profile will be, it is not hard to imagine that a finite product will become more scarce. The global supply is the sum of all countries supplies. In the 1950's a man named Hubbert was ridiculed when he predicted the peak of US production in the 70's. He was correct within a few years. Oil reserves have increased, since the 70's but 90% of these increases are in OPEC nations who have agendas to overstate their present capabilities. Depending on the global economy,we could be at a peak level of production now that will hold for years give or take a few million barrels per day. Once this is widely recognized and production starts falling the prices will be much higher and the OPEC nations will have tremendous power over us. The gradual decline of production wil be quite alarming to the world and prices will be quite high. hubbert.mines.edu