Peak Oil is You

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Page added on November 28, 2009

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Peak oil: the summit that dominates the horizon

Crude is still being discovered; existing fields are not being exploited to the full. So it’s hard to predict the exact point at which the world’s dwindling reserves will precipitate a crisis. But it’s coming

Massive new oil finds off the southern states of America and Brazil plus exciting discoveries in currently non-producing countries such as Ghana and Uganda sit uneasily with claims the world is running out of crude.

BP recently boasted about a “giant” strike on the Tiber field in the Gulf of Mexico and BG, the former exploration arm of British Gas, talked of its “supergiant” at the Guar

These “peak oil” believers say the high point of oil output could even have passed already. They argue it will take 10 years to develop the likes of Tiber while a string of similar discoveries would have to be made at very regular intervals to move the peak point back towards 2030 the projection used in some scenarios put forward by the International Energy Agency.

The debate has intensified in recent weeks after whistleblowers claimed the IEA figures were unreliable and subject to political manipulation

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