Peak Oil News: Oil production to hit peak soon

Friday, May 27, 2005

Oil production to hit peak soon

The Modesto Bee


This is a warning to my fellow citizens regarding the imminent crisis of peak oil, a term we're going to be hearing more of soon.

World oil production is set to peak by 2020 at the latest, though most likely it will occur by 2010 and it might have occurred already. This doesn't mean that we're about to run out of oil; it means that the production of oil is going to steadily decline. It means our petroleumbased economy will be unable to grow, undercutting the basis of industrial capitalism and our way of life.

Our fossil fuel-subsidized standard of living cannot be sustained; therefore it will not be sustained.

Warning signs include our precious real estate spike. As capital is unable to make returns elsewhere, it's turning to real estate out of desperation; and in those wealthy countries where the economy is less vibrant, such as the United Kingdom and Spain, real estate prices have jumped higher than they have here.

Please do not take my word on this. Do not dismiss it out of hand. Look into it yourself — you might be surprised.


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