Peak Oil News: Running out of oil

Monday, November 22, 2004

Running out of oil

Lateline - Austrailian Broadcasting Corp

TONY JONES: Now to our feature on oil and though it's a finite resource, there is great debate about how much black gold remains.

Yet a growing number of industry experts now think we will very quickly reach the milestone 'peak' of oil supply.

This would mean the world is then eating into the second half of all available oil reserves.

Though there'd still be plenty of oil left, if the peak theory is right we are now on the road to running out.

Stephen McDonell reports.

STEPHEN McDONELL: 2005 could be a milestone in history.

Some think we could reach the peak in world oil supply and next year start using up the second half of all the world's reserves.


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