Sunday, 28 October 2007

Energy Watch Group: World Oil Has Peaked Now

Al Jazeera has the scoop on Energy Watch Group's latest report on peak oil, which claims that the world oil production has peaked about now and that we are facing a major economic adjustment to a new reality we have never experience before.

Al Jazeera : Inside Story - Peak of Oil production Part 1
(Oct 23rd , 2007, 12 mins)

Al Jazeera : Inside Story - Peak of Oil production Part 1 (Oct 23rd , 2007, 10 mins)

More info @ Guardian:

"The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy," said Hans-Josef Fell, EWG's founder and the German MP
King Abdullah of Saudi Arabia: "The oil boom is over and will not return. All of us must get used to a different lifestyle."

...Chris Skrebowski (editor: Petroleum Review) w/ Julian Darley interview on the issue (mp3):
The report's finding"Oil production has probably peaked now and will decline steadily from here on out at about 3% a year, which then means that we have - looking forward - some pretty dramatic decline... This may be the start of a very major social and economic upheaval." - Chris Skrebowski
CNN (with an interview with Leo Drollas, market analyst):
New Scientist:
The report also predicts significant falls in gas, coal and uranium production. The group warns that supply shortages could cause "a meltdown in society", leading to scenes of mass unrest, such as those that took place in Burma earlier this month when the government pushed up fuel prices.
... and in the actual report 'Crude Oil - The Supply Outlook'