The evidence is mounting that global oil production "peaked" or reached a maximum sustainable rate in the period 2005 to 2008. Even as prices have moved higher following this period, crude oil production has stagnated at around 74 million barrels per day and has now begun to decline. We did get close to the 2008 production highs again in 2011, as I predicted in my book, Peak Oil and the Second Great Depression. However, with the loss of Libyan production in February 2011, together with significant declines in Saudi production in March of 2011, global production is now in signficant decline. Ultimately, we will run out of the stuff, you know.
In Peak Oil and the Second Great Depression (2010-2030), I show why global conventional crude oil production will decline dramatically in the decades ahead and why alternative sources of liquid fuels such as ultra-deepwater, tar sands, shale and biofuels will not make up for this decline in conventional crude oil production.
The book outlines the likely consequences for the global economy of Peak Oil given the tremendous levels of debt that current exist in the Western democratic nations. The book also makes recommendations for preserving savings and growing investments in the two decades head.
Best wishes to all,
Kenneth D. Worth