A few years ago only a handful of geologists and academics were considering such a possibility. But now it appears even governments are taking a serious look at the subject…
The French report, perhaps the most open government dossier yet, questions the viability of long term oil production. The report’s second chapter ‘Global Exploration and Production’ runs a series of differing scenarios based on current forecasts. The scenarios differ according to projected demand increases, from 0% to 3% per annum, and possible new field discoveries, between zero and fifty billion barrels a year. At a rate of 3% increase in demand per year and annual finds of 10 billion barrels, the ministry report states 2013 as “the time of maximum production or ‘peak oil’”. That would mean the world’s oil consumption would reach its highest point at around 97 million barrels per day (mbpd).
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[...] he timespan for Peak Oil a little further out; they think that it will happen around 2013. Link * That a recent Associated Press article stated, about the effect of the peak: R [...]