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09 Oct 2009 09:10:08

Oil supply could soon peak

Oil supply could soon peak
Conventional oil production around the world could peak within the next decade, new research has suggested.

A study from the UK Energy Research Centre (UKERC) indicated that there is a "significant risk" of this occurring before 2020.

The organisation claimed that the UK and other governments across the globe are not sufficiently prepared for this eventually.

Steve Sorrell, senior researcher at UKERC, warned that non-energy efficient alternatives could be rapidly developed by nations as a consequence of the lack of oil, rather than low carbon fuels being focused on.

He said: "In our view, forecasts which delay a peak in conventional oil production until after 2030 are at best optimistic and at worst implausible.

"The effects of global oil depletion will depend greatly on the response from governments and on the scale of investment in new energy technologies."

UKERC also noted that the world's ten biggest oil producing fields are now in a state of decline.



Discussion Thread  

13 Oct 2009

According to many studies the World has already hit peak oil in 2004. We discover 5 to 10 times less each year than we are using. Some big oil fields are already having reduced output. Most wells use water injection to try and get the last few drops.

The US hit peak oil in 1970 and now imports over 65% of it's oil. Mexico used to be an exporter but now imports.

Discussion Thread  


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