There's an important bit of news today, and it's not about the iPhone.
According to the folks over on the Oil Drum:
"World oil production peaked in 2008 at 81.73 million barrels/day (mbd) shown in the chart below. This oil definition includes crude oil, lease condensate, oil sands and natural gas plant liquids. If natural gas plant liquids are excluded, then the production peak remains in 2008 but at 73.79 mbd. However, if oil sands are also excluded then crude oil and lease condensate production peaked in 2005 at 72.75 mbd.The US Energy Information Administration (EIA) and the International Energy Agency (IEA) should make official statements about declining world oil production to renew the focus on oil conservation and alternative energy sources."
Read the full article here.
There's a chart at the link above that shows a pretty convincing peak.
They do allow as there might be a second peak that will develop as the world's economy recovers, but that doesn't change the facts as they are presenting them.
So, now the big question for each of us is how we deal with the instability that has been predicted to follow the peak. (And will be exacerbated by the steepness of the slope down.)
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