Peak Oil is You

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Page added on November 29, 2007

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Bite of high oil prices only beginning

Think oil prices are high now? According to geologist Kenneth Deffeyes, we should be thankful for low oil prices. The really high prices are yet to come.

Deffeyes, author of

A peak in world oil production means that about half the recoverable oil has been used, and the rest will be harder (and more expensive) to extract. Oil fields don’t run out of oil the way a car runs out of gas, chugging along at 55 mph one moment, coasting to a stop with a stalled engine the next. Oil production in fields or sets of fields reaches a peak, often when about half the recoverable oil has been pumped up, and then declines.

U.S. oil production peaked in about 1971, and oil production in at least 33 of the world’s 48 oil-producing countries is in decline now.

Times-Argus (Vermont)

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