Oil production limit reached

Returning for a moment to the theme of rising energy prices...

An international oil industry expert says the limit of global oil production has been reached. Academic and former National Iranian Oil Company executive Dr Ali Samsam Bakhtiari has told the Financial Services Institute in Sydney the world's oil fields are producing as much oil as they can."

Hear the unspoken other half the of this announcement to be "Oil consumption still climbing exponentially."

Limited resource + Increasing demand = sky-rocketing price.

(Even if there are additional oil wells discovered, unless there's some dramatic development, there's no reason to expect that new discovery will be able to do much more than replace older oil fields that have been pumped dry.)

Read the rest here: Oil production limit reached: expert

(Via Technocrat.net.)