Because of the large uncertainties, it is difficult to define an overriding geological basis for accepting or rejecting any of the forecasts. However, the International Energy Agency (IEA) recently warned that worldwide investment in expanded oil production has been considerably less than needed to continue world oil production that is adequate to meet expected world demand. Thus, geological limits may be yielding to inadequate investment.
Friday, April 20, 2007
More Peak Oil
Robert Hirsch (of the "Hirsh Report" fame) has a new article on Peak Oil, "Peaking of world production: recent forecasts". Doesn't really look like anything new, but provides a pretty good summary of the Peak Oil perspective.
Posted by Aaron Swoboda at 7:45 PM