Friday, May 6, 2011

Did Oil Peak in 2006?

Fatih Birol, chief economist for the International Energy Agency, thinks so:

Despite high prices, crude oil production has stayed basically flat for roughly five years. It seems this is the all-time high-water mark, according to Fatih Birol, chief economist for the International Energy Agency. “We think that crude oil production for the world has already peaked in 2006,” he told the Australian Broadcasting Corporation. “I think it would have been better if the governments have started to work on it at least 10 years ago.”

At a European Parliament conference on peak oil, the European Commission’s director-general for transport and mobility policy warned if actions are delayed to reduce oil dependency, “we may be forced to drastically reduce all our mobility.”

Already, rising energy costs are taking their toll around the world, with U.S. economic growth stumbling and raising the spectre of stagflation, as well as, helping to drive up food prices in Latin America, and driving inflation in Europe.

Read the rest of the article at National Geographic : The World has Passed Peak Oil, says Top Economist


Kevin Fathi said...

That is basically what Kenneth Deffeyes said as well:

Anonymous said...

Gregor McDonald also says the same thing.

This is one of the greatest posts.