The Peak Oil Crisis: The Case for 2008

It is conventional wisdom for most of the people following the peak oil story that we still have a few years to go before the real troubles begin. Some say 2011, others 2015 or later, but in general, among those calculating the depletion vs. new supply balance most have been talking about troubles starting in years rather than months.

Let


In recent weeks there have been developments suggesting that the troubles associated with peak oil may be coming faster than many realize.

First, it is necessary to recall that world oil production has been essentially flat for the last three years. We did hit a new nominal