“A lot of OPEC global oil reserves have been overstated for political reasons,” Heinberg said. “In 1987, Iraq reported having 47.1 billion barrels, but in 1988 that number jumped to 100 billion barrels. And these are all self-reported figures.”
Heinberg said that as a result of diminishing oil production, there will likely be two scapegoats: OPEC and oil companies.
“If we wait for the market to work itself out, in about 20 or 30 years it will be too late,” Heinberg said. “The plateau when global oil production peaks will be extremely volatile, complete with economic and political disasters.”
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