Thursday, 04 December 2008 - There is a growing consensus among those who follow such things, that the new high of world oil production (87.9 million barrels a day) reached last July is likely to go down in history as the all-time peak.
This is by no means a unanimous opinion.
The official government forecasting agencies, the IEA and the EIA, have devised rather bizarre scenarios that would allow oil production to ease higher for another 20 years or so. These organizations, or course, are not free agents both being bound by political strictures rather than a search for truth. While the world's governments are inching closer to public acknowledgement of peak oil, they have many diverse responsibilities such as maintaining the domestic tranquility, fighting various kinds of wars, and providing some semblance of financial stability. Clearly a sudden admission that world oil production had just entered an irreversible decline would not help with these other responsibilities. More >>>
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