Peak Oil News

Sunday, March 21, 2004

Peering into oil's future / Experts try to predict when the world will start running low on the natural resource that keeps all the engines running: "The world began running out of oil soon after the birth of modern drilling during the 1850s. The question since then has always been: When will the spigot start drying up?
Mounting evidence suggests that an important turning point may be close. According to several studies, oil production is expected to begin a permanent decline within a few years, prompting social and economic upheaval across the globe.
Or maybe not. A rival school of thought says that oil's imminent demise is exaggerated and that crude will be plentiful into the near future.
Whom can you believe? It all depends on how accurate researchers are in calculating such complex variables as future oil consumption, production and discovery. "


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