World Energy Outlook 2008 report details significant challenges in petroleum production, agreeing with ASPO-USA's long-held positionDENVER, Nov 17, 2008 -- National and international energy agencies have long downplayed the statistics and significance of oil depletion. Finally, in Wednesday's World Energy Outlook (WEO) 2008 report, the Paris-based International Energy Agency (IEA) conclusively recognized the reality of "Peak Oil" and the magnitude and implications of large annual decline rates on the world's annual oil production.
While the IEA's report is groundbreaking in acknowledging the problem, the Association for the Study of Peak Oil and Gas USA (ASPO-USA) finds unwarranted optimism in the report's projections of oil production that are inconsistent with known decline rates -- acknowledged in the report at more than six percent per year.
"Years of data from the majority of oilfields around the world show steady or declining production," says Steve Andrews, co-founder of ASPO-USA. More >>>
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