Peak Oil News: Future of oil supply is murky

Sunday, October 31, 2004

Future of oil supply is murky

The peak-oil topic is controversial within the small community of oil forecasters, who disagree on when it will come, but what may be most remarkable is how little attention the general public pays to whether ''peak oil'' is an issue at all.

It is. The dinosaurs aren't making any more of it. Petroleum geologists say oil was made in periods 65 million to 500 million years ago as sediments covered and cooked organic matter deep within the earth, and the same goes for natural gas.

When the Oil Age dawned commercially in the early part of the 20th century, America pumped most of the petroleum being pumped around the globe -- and used most of it, too.

America's peak of production was in 1970, and it's been downhill ever since. Consumption, on the other hand, has swelled. Today, using data from the U.S. Energy Information Administration, about 7.7 million barrels of crude are yielded domestically per day while about 20.4 million barrels are consumed.


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