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A New, Unanticipated Oil World

Consumption

A letter in a November 1999 edition of the Oil & Gas Journal, “Running Out of Oil,” written by an industry consultant, stated 11 facts and predictions. Far from unusual, his facts were generally correct and his prognostications mainstream.

U.S. oil production was in decline in the 1990s. Oil imports were rising. This led George W. Bush to declare in his 2006 State of the Union Address: “America is addicted to oil.”

Until around 2010, in fact, “Peak Oil” was in vogue both inside and outside the industry. Pro-oil voices urged greater public-land access and less regulation to increase otherwise declining production; anti-oil voices favored government subsidies and mandates to fashion a post-petroleum future.

The aforementioned letter (by Jeffrey Hughes, President and founder of HTK Consultants) offered these facts and predictions circa 1999:

  1. World oil discoveries peaked in the 1960s.
  2. World oil production will peak in the next ten years.
  3. U.S. oil production peaked in the mid-1970s.
  4. The U.S. currently imports 60 percent of its oil, mostly from Saudi Arabia, Venezuela, and Mexico.
  5. Nearly 64 percent of the world’s remaining oil is in five Persian Gulf countries.
  6. Saudi Arabia alone has more proved oil reserves than all non-OPEC countries combined.
  7. There is roughly 1,039 billion bbl. of oil remaining worldwide.
  8. The world is finding only 7 billion bbl. of new oil each year.
  9. The world is consuming more than 26 billion bbl of oil each year.
  10. The world could theoretically run out of oil by the year 2050.

The letter ended by predicting that the U.S. would have to “import over 85 percent of its oil in the next 10-15 years.”

Update, 17-18 Years Later

In 2016, net petroleum imports to the United States were 24 percent of domestic consumption. Net imports that peaked in 2005 at 12.5 billion barrels have fallen since, with 2016 registering 4.8 billion barrels. The results for 2017 (not yet finalized) could bring the percentage under 20 percent for the first time since the mid-1960s.

And here are the updated facts from the world of 1999.

  1. World oil discoveries peaked in the 1960s.

World oil discoveries peaked in 1964 at about 70 billion barrels.

Since then, yearly additions have recently averaged 9 billion barrels (2000-2015). Explorers in 2017 discovered the lowest volume of oil since at least the 1940s, according to Rystad Energy, an oil and gas consultancy.

This said, global reserves have increased significantly from additions to existing fields, the result of new technology (see points below).

  1. World oil production will peak in the next ten years.

Approximately 72 million barrels per day was produced in 1999, which increased 12 percent to 81 million barrels per day in 2009.

From the 2009 level, 2016’s output rose 14 percent to 92 million barrels per day—the highest ever.

  1. U.S. oil production peaked in the mid-1970s.

Domestic oil production peaked in 1970 at 9.6 million barrels per day. After dipping to a low of 5 million barrels per day in 2008, 2015 output was 9.4 million barrels per day, the highest since 1972 and nearly a 90 percent increase from the 2008 low.

In 2018, the U.S. is expected to break its 1970 record for oil production.

  1. The U.S. currently imports 60 percent of its oil, mostly from Saudi Arabia, Venezuela and Mexico.

In 2016, net petroleum imports were 24 percent of U.S. oil consumption, a 60 percent decline from the above amount.

Imports from Saudi Arabia fell from 1.5 million to 1.1 million barrels per day between 1999 and 2016, a 25 percent decline. Total OPEC imports fell from 4.2 million to 3.2 million barrels in the same period, a 25 percent drop.

  1. Nearly 64 percent of the world’s remaining oil is in five Persian Gulf countries.

In 2016, 72 percent of world oil reserves were in OPEC, led by Venezuela and Saudi Arabia. But with technically recoverable oil, the U.S. exceeds all of OPEC (1.44 trillion barrels vs. 1.22 trillion barrels).

 

  1. Saudi Arabia alone has more proved oil reserves than all non-OPEC countries combined.

This is no longer the case. Saudi Arabia’s 2016 proved reserves of 266 billion barrels compares to 486 billion barrels for non-OPEC.

  1. There is roughly 1,039 billion bbl. of oil remaining worldwide.

At year-end 2016, world oil reserves were estimated to be 1.7 trillion barrels, a 65 percent increase from the above despite interim consumption of 565 billion barrels.

  1. The world is finding only 7 billion bbl. of new oil each year.

In 2016, 2.4 billion barrels from new fields of conventional oil were discovered worldwide, down from the average of the last 15 years of 9 billion barrels. However, additions to reserves in existing fields have allowed total reserves to grow significantly (see below).

  1. The world is consuming more than 26 billion bbl. of oil each year.

In 2016, world oil usage of 35 billion barrels was 35 percent higher than the above figure. By 2050, oil consumption is forecast to reach over 44 billion barrels.

 

The world could theoretically run out of oil by the year 2050.At current consumption rates versus proved reserves, the world would “theoretically” run out of oil in 2066. But oil exploration and reserve development will not cease. Proved reserve additions can be expected to keep up with if not exceed annual consumption in the years and decades ahead.

Conclusion

Predictions from 1999, in retrospect, were far too pessimistic about the global oil market and the U.S. in particular. The last decade has been among the most prolific in the history of the petroleum industry—and centered right here in America. Human ingenuity, what Julian Simon labeled “the ultimate resource,” has prevailed over the alleged limits to nature.

A month before Hughes’s letter, the economics editor of the Oil & Gas Journal, Robert Beck, predicted that “additional demand for crude oil will have to be satisfied primarily by increased production from OPEC countries, because that is where the vast majority of the world’s oil reserves lie,” in the article “Resurgent Oil Demand, OPEC Cohesion Set Stage for Optimistic Outlook for Oil Industry at the Turn of the Century.” Again, this was the conventional wisdom.

But Beck’s boss was less sure. “Plenty of fluid hydrocarbon remains,” wrote Oil & Gas Journal editor Bob Tippee in his article titled “How an Institution Responds to the Turn of a Millennium” the month after Hughes’s letter. “And OGJ will continue publishing the best material available about the space-age innovations that keep pushing exhaustion of an undeniably finite resource further into the future than anyone seems able to imagine.”

Tippee was sage. More “space age innovation” has happened than could have been imagined. Excitement about 3-D technology and horizontal drilling in the 1990s was but a precursor to what today is a U.S./global oil and gas production boom from hydraulic fracturing, a story told elsewhere.*

The Oil Age, 150 years old, may still be young. Peak-oil predictions made in the second half of the 19th century, and throughout the 20th century, all assumed a nonentrepreneurial world instead of one in which innovation and discovery open the door to more. Resources, after all, are not fixed but created by resourceship, particularly in private property, free-market settings.

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58 Comments on "A New, Unanticipated Oil World"

  1. Anonymous on Wed, 31st Jan 2018 2:28 pm 

    Peak oilers were massively wrong. The smarter ones like Hamilton and Staniford at least just shut up and snuck away. The only ones left are total deniers.

  2. I AM THE MOB on Wed, 31st Jan 2018 3:10 pm 

    Annoymouse

    As M. King Hubbert (1956) shows, peak oil is about discovering less oil, and eventually producing less oil due to lack of discovery.
    https://imgur.com/a/6dEDt

    IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000

    Saudi Aramco CEO sees oil shortage coming as investments, oil discoveries drop
    https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR

    Peak Oil Vindicated by the IEA and Saudi Arabia

  3. I AM THE MOB on Wed, 31st Jan 2018 3:11 pm 

    Existing oil reserves are scheduled to begin a catastrophic crash within 1 to 3 years. When it hits the economic and social damage will be catastrophic. The end of Western Civilization, from China to Europe, to the US, will not occur when oil runs out. The economic and social chaos will occur when supplies are merely reduced sufficiently….

    https://imgur.com/a/6dEDt
    http://www.nature.com/nature/journal/v481/n7382/full/481433a.html
    http://www.sciencedirect.com/science/article/pii/S0301421509001281
    http://www.sciencedirect.com/science/article/pii/S030142151300342X
    http://www.sciencedirect.com/science/article/pii/S0016236114010254
    http://www.geo.cornell.edu/eas/energy/the_challenges/peak_oil.html
    http://www.energybulletin.net/sites/default/files/Peak%20Oil_Study%20EN.pdf
    http://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000
    https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR

  4. I AM THE MOB on Wed, 31st Jan 2018 3:12 pm 

    The End of the Oil Age is Imminent

    Recently, the HSBC oil report stated that 80% of conventional oil fields were declining at a rate of 5-7% per year. This means that there will be an oil shortage of ~30 million barrels per day by 2030 and ~40 million barrels per day by 2040.
    http://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017

    What is mentioned far less often is that annual oil discoveries have lagged annual production since the 1980s.
    https://imgur.com/a/6dEDt

    Now, this problem has nothing to do with the recent decline in the oil price, which started in 2014. This has been an on-going problem for the past 30 years. Now, the IEA is predicting oil shortages by ~2020 due to declining exploration.
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000

    Here, the IEA blames this problem on the low oil price. But, this problem started in the 1980s. The problem is geological: we are running out of conventional cheap oil. Shale and tar sands are not the answer, either. Those resources are far too expensive, compared to conventional oil, because the global economy is based on cheap conventional oil. Expensive oil is not a replacement for cheap oil.

    Based upon the HSBC report and the IEA, the End of Oil Age will start around ~2020: there will be a dramatic economic depression due to exhaustion of cheap oil. This will cause a global economic collapse.

  5. I AM THE MOB on Wed, 31st Jan 2018 3:13 pm 

    Here are five peer reviewed scientific studies authored by top experts that prove beyond any reasonable doubt that global civilization will collapse within the next decade.

    http://www.sciencedirect.com/science/article/pii/S0921800914000615
    http://www.sciencedirect.com/science/article/pii/S0959652617304225?via%3Dihub
    https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3574335/
    http://sustainable.unimelb.edu.au/sites/default/files/docs/MSSI-ResearchPaper-4_Turner_2014.pdf
    http://www.feasta.org/wp-content/uploads/2012/06/Trade-Off1.pdf

  6. I AM THE MOB on Wed, 31st Jan 2018 3:15 pm 

    2020s To Be A Decade of Disorder For Oil
    https://oilprice.com/Energy/Energy-General/2020s-To-Be-A-Decade-of-Disorder-For-Oil.html

    World Oil Shortages To Lead To Oil Price Spike By 2020s, warns Goldman Sachs
    http://oilprice.com/Latest-Energy-News/World-News/Supply-Crunch-To-Lead-To-Oil-Price-Spike-By-2020s-Expert-Says.html

    Chevron CEO warns US shale oil alone cannot meet the world’s growing demand for crude
    https://www.cnbc.com/2017/05/01/us-shale-cannot-meet-the-worlds-growing-oil-demand-chevron-ceo-warns.html

    Wood Mackenzie warns of oil supply crunch and world oil shortages around 2020
    http://oilprice.com/Energy/Crude-Oil/The-Next-Oil-Price-Spike-May-Cripple-The-Industry.html

    Energy watchdog warns oil and electricity shortages could develop as investment falls
    https://www.cnbc.com/2017/07/10/watchdog-warns-of-oil-and-electricity-shortages-as-investment-falls.html

  7. I AM THE MOB on Wed, 31st Jan 2018 3:18 pm 

    Annoumouse! After reading my posts!

    https://imgur.com/a/qF0dJ

  8. Harquebus on Wed, 31st Jan 2018 3:26 pm 

    Fiat currency creation is a marvel. It can do anything, for a while.

    “Energy and environmental issues are real and threaten our way of life, but before they hit us, the mother of all financial crises will.
    What has changed, and increased, a lot over the past decade is the media. They have moved, more than before, into a kind of la la land where narratives are invented and presented with the express intention of keeping people feeling good about themselves in the face of all the distortion and disasters they face.”
    “Give any species a source of ‘surplus’ energy, and it will use it up as fast as it can, and proliferate to achieve that, until the surplus is gone. We are no different.”
    “The only way out is to use less energy, but our economic models are geared towards the opposite, as are our brains.”
    “And to top it off, much of what we eat lacks nutrition, and is often even downright toxic for us; it makes us fat and it makes us sick.”
    “We’re a bloated, obese, asthmatic, allergic and cancer-riddled species, and yet we call ourselves a success.”
    “in an ostensible effort to ‘save’ our societies and economies, our -central- bankers and politicians decided to put everything on red, and loaded another $20 trillion into the upper shelf of the financial world, the very shelf that was most rotten to begin with in more than one sense of the word. And they’re not the ones paying the heftiest price for this stupidest bet of all times, you are.”
    “And then we’re all on our own.”
    https://www.theautomaticearth.com/2018/01/10-years-automatic-earth/

    If you survive this, then you can worry about surviving an unavoidable hostile climate.

  9. print baby print on Wed, 31st Jan 2018 3:34 pm 

    The only deniers are those who wont accept the fact that we are scratching the bottom of the barrel . We are very interesting but destructive species I read this site for a long time it has been a lot of wrong assumption it is true , but only completely ignorant person or someone who is paid to lie cant see the fact that this bau thing is not sustainable but of course the hope die last its understandable of course

  10. print baby print on Wed, 31st Jan 2018 3:44 pm 

    unfortunately not even cold fusion or a wind turbine to each person on the planet who knows how many 7-8 billions , as a gift from God cant solve our problem

  11. print baby print on Wed, 31st Jan 2018 3:45 pm 

    but Vita E bella

  12. Antius on Wed, 31st Jan 2018 5:08 pm 

    “Peak oilers were massively wrong. The smarter ones like Hamilton and Staniford at least just shut up and snuck away. The only ones left are total deniers.”

    I’m not sure they were. They didnt anticipate zero interest rates – no one did before 2007.

    Depletion rates are soaring as the proportion of oil produced by supergiant fields declines. We are working harder and harder every year just to stand still.

  13. peakyeast on Wed, 31st Jan 2018 7:46 pm 

    Exactly Antius…

    Zero or negative interest rates is the same as cannibalising the healthy parts of the economy to provide for the uneconomical parts.

    Which is similar to peeing in you bed to keep warm.

    Even though it has been said again and again: Worrying about the exact date is almost the same as totally missing the point. Systems this large and complex and with inaccurate data can push and pull timelines in amounts that to ordinary people seems like a long time – but when looking at the whole timeline may be a small fraction.

    Its like aiming a rocket for Pluto and thinking you dont need any adjustment whatsoever during the entire trip. Even tiny changes at the start becomes millions of kilometers at the end.

  14. GregT on Wed, 31st Jan 2018 9:25 pm 

    “They didnt anticipate zero interest rates – no one did before 2007.”

    They also didn’t anticipate the doubling of total historical US federal government debt alone, in less than 10 years.

  15. MASTERMIND on Wed, 31st Jan 2018 10:00 pm 

    To be fair Collin Campbell predicted peak oil would occur around 2010. And it looks like it is happening right now. So he really only missed it by about a decade! And in the history of oil production that is a blink of an eye. And lets not forget going into Iraq and quadrupling their production. And tripling Libya’s production. That has also helped hold off the day of reckoning!

  16. fmr-paultard on Wed, 31st Jan 2018 10:08 pm 

    ((mm)) you have quite a few handles. i went to a few before i settled on this current one.

    https://imgur.com/a/XH2dn

    i think i should go on vacation from this site again. i waste enough time as it is. there’s no new tard basic research that quips my interest at the moment other than getting update on thereligionofpeace

    On This Day…
    Jan 31, 2014: Sayyida Zeinab, Syria
    Worshippers blown to bits at a Shiite
    shrine include five children: 71 Killed

  17. Boat on Wed, 31st Jan 2018 11:19 pm 

    MM,

    You will only be off by about 10 years. 2030 till the world of electricity starts the fast track to dominance.

  18. MASTERMIND on Wed, 31st Jan 2018 11:51 pm 

    Boat

    You can’t drive an EV out of the city so they are use less to most Americans..They are a cult purchase of rich yuppies! A fad that will pass!

  19. Cloggie on Thu, 1st Feb 2018 12:09 am 

    Boat

    You can’t drive an EV out of the city so they are use less to most Americans..They are a cult purchase of rich yuppies! A fad that will pass!

    The revolution is happening elsewhere…

    https://cleantechnica.com/2018/01/29/tesla-vs-bolt-chinas-huge-2017-electric-car-sales-renault-zoe-wins-europe-top-20-cleantechnica-stories-week/

    “China’s HUGE 2017 Electric Car Sales”

    https://cleantechnica.com/2018/01/30/scandinavia-home-heavy-duty-electric-construction-equipment-truck-development/

    “Scandinavia Is Home To Heavy-Duty Electric Construction Equipment & Truck Development”

    https://cleantechnica.com/2018/01/31/us-wind-industry-installed-7-gw-drove-11-billion-investment/

    “US Wind Industry Installed 7 Gigawatts In 2017 & Drove $11 Billion In Investment”

    (How much is American-built?)

    https://cleantechnica.com/2018/01/31/maxus-begins-ev80-van-deliveries-europe/

    “Maxus Begins EV80 Van Deliveries In Europe”

  20. marmico on Thu, 1st Feb 2018 3:54 am 

    How many handles do you need, baby doomer? Go play copy and paste with The Innumerate Turdburgers!

    The latest call out from the EIA is that US crude+condensate production in November passed 10 million barrels per day.

  21. Davy on Thu, 1st Feb 2018 5:10 am 

    “US Wind Industry Installed 7 Gigawatts In 2017 & Drove $11 Billion In Investment” (How much is American-built?)”

    The neder can’t even say something normal and balanced he has to be extremist and biased. Neder, why are you so jealous? Are you that self-conscious of your failures? This is a world of comparative advantage and if one did further study on wind we may see the Euros are giving it away to the Americans. You euros may be over investing and the blow off is gravy for the Americans. See neder that is the real world not the world of agenda. Issues like this in the real world are generally not binary they are multifaceted.

  22. Davy on Thu, 1st Feb 2018 5:11 am 

    “The latest call out from the EIA is that US crude+condensate production in November passed 10 million barrels per day.”

    marmi, if you were here more than you would know that is old news already discussed.

  23. Davy on Thu, 1st Feb 2018 5:53 am 

    “The Breakneck Rise of China’s Colossus of Electric-Car Batteries”
    https://tinyurl.com/ya8ue5f5

    “The next global powerhouse in the auto industry comes from a small city in a tea-growing province of southeast China, where an unheralded maker of electric-vehicle batteries is planning a $1.3 billion factory with enough capacity to surpass the output of Tesla and dwarf the suppliers for battery-powered cars by GM, Nissan and Audi.”

    “The new assembly lines would quintuple CATL’s production capability and make it the world’s largest electric-vehicle battery cell manufacturer, ahead of Tesla, Warren Buffett-backed BYD Co. in China and South Korea’s LG Chem Ltd., according to Bloomberg New Energy Finance. The factory could go fully online as soon as 2020, an opportune time as China targets a sevenfold increase in new-energy vehicle sales by 2025 and ponders a course for phasing out fossil-fuel vehicles altogether.”

  24. Harquebus on Thu, 1st Feb 2018 3:47 pm 

    Those that think that electric vehicles will be our savior need to think again.

    “The problem we face is a liquid fuel crisis. Absolutely essential vehicles, such as agricultural tractors and combines, railroads, and trucks run on diesel fuel, ships on bunker fuel. They can never be battery or fuel-cell operated or electrified, nor do we have the decades it would take to build a new fleet even if there were a solution, or convert the existing fleet to run on coal (liquefied) or natural gas.”
    “oil decline will relentlessly shrink the economy.”
    http://energyskeptic.com/2017/transportation-how-long-can-we-adapt-before-we-fall-off-the-net-energy-cliff/

  25. Anonymouse1 on Thu, 1st Feb 2018 9:28 pm 

    dumbass, ‘marmi’ posts with his little army of sock-puppets all the time. That (dumbass) hasn’t gone anywhere. He just trolls idiots like you under different names non-stop and you’re just too dumb to figure it out.

    Hes a sock-troll, just like you’ve turned into exceptionalist. Looks like you haven’t gotten the memo, despite his socking being about the oldest news around.

  26. Boat on Thu, 1st Feb 2018 9:56 pm 

    amouse,

    Like you’re not a sock puppet. Just another punk like mm.

  27. Anonymouse1 on Thu, 1st Feb 2018 10:05 pm 

    Heya boatietard, nothing good on teletoons tonight eh?

    You don’t even know what the term ‘sock puppet’ means, retard.

  28. Boat on Thu, 1st Feb 2018 10:13 pm 

    Let’s make it clear. All tech, green or dirty will not stop climate change. Let’s make it clear #2. Talk isn’t going to stop renewables or electric cars or zero carbon houses or green house farming or hundreds of other commonsense ideas. Let’s make it clear #3. It will take many decades of reducing oil consumption to never get of oil. Let’s make it clear #4. Big death is out at least 12 years. Death like the China famine that took over 50 million souls in the 50’s, over several years.

  29. Boat on Thu, 1st Feb 2018 10:16 pm 

    amouse,

    Of course sports are on, the #2 team in the NBA/my rockets beat the #3 team/Spurs tonight. It was a great game.

  30. MASTERMIND on Thu, 1st Feb 2018 10:30 pm 

    Boat

    Pink Floyd just came out with a new song honoring Dale Earnhardt! Another hick in the wall!

  31. GregT on Thu, 1st Feb 2018 10:37 pm 

    Boat,

    Seriously? You watch basketball on TV?

  32. MASTERMIND on Thu, 1st Feb 2018 10:48 pm 

    Greg

    Yea dude people like basket ball in America..Not every place is a bunch of rednecks who love curling!

  33. JuanP on Thu, 1st Feb 2018 10:55 pm 

    Peaky “Which is similar to peeing in you bed to keep warm.”
    Thanks for that! It’s always healthy to have a good laugh.

  34. JuanP on Thu, 1st Feb 2018 11:04 pm 

    Mm, You made 5 mistakes in your last comment. You are such an illiterate fool! And, even ignoring your mistakes, that was a very stupid comment. Keep up the good work! If you keep posting sooner or later you will manage to write a comment without mistakes and I promise that I will give you a gold star to show to your momma if you do.

  35. GregT on Thu, 1st Feb 2018 11:18 pm 

    Juan,

    How long are you planning on continuing to do outreach, before moving back to the estate?

    And just for the record, if you were my neighbour, I’d mow your lawns. No charge.

  36. spike on Fri, 2nd Feb 2018 4:18 am 

    Colin Campbell predicted in 1989 that 1989 was the peak. In his 1991 book, he predicted 1992 would be the peak. Etc. Mike Lynch

  37. Dredd on Fri, 2nd Feb 2018 12:17 pm 

    After Oil-Qaeda kills off life on Earth, who will they peddle their poison to?

  38. GregT on Fri, 2nd Feb 2018 12:38 pm 

    “After Oil-Qaeda kills off life on Earth, who will they peddle their poison to?”

    They don’t care, after all, he who dies with the most toys, wins.

  39. MASTERMIND on Fri, 2nd Feb 2018 1:09 pm 

    Greg

    You call the life blood our civilization poison? If its so bad then you should give it up! That includes using the internet!

  40. MASTERMIND on Fri, 2nd Feb 2018 1:12 pm 

    spike

    Collin Campbell predicted in his 1998 article titled the end of cheap oil. That conventional oil would peak in the next decade and usher in the end of cheap oil. And it did in 2006 just as he predicted..

  41. MASTERMIND on Fri, 2nd Feb 2018 1:15 pm 

    Spike

    Dr Collin Campbell also predicted the great recession to happen back in 2005..In a video on youtube titled “Geologist predicts great recession”..

  42. marmico on Fri, 2nd Feb 2018 1:31 pm 

    marmi, if you were here more than you would know that is old news already discussed.

    Bull shit.

    https://www.eia.gov/todayinenergy/detail.php?id=34772#

    Baby doomer, Campbell predicted peak oil for the last 30 years almost as often as you copy and paste some ancient Korowizc FEASTA bull shit.

  43. MASTERMIND on Fri, 2nd Feb 2018 1:38 pm 

    Marmico

    Korowizc paper was done less than a decade ago? And look who has just joined the peak oil team! The two biggest global authorities the IEA ans Saudi’s! I believe they will take things from here!

    IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000
    Saudi Aramco CEO sees oil shortage coming as investments, oil discoveries drop
    https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR

    Peak Oil Vindicated by the IEA and Saudi Arabia

  44. MASTERMIND on Fri, 2nd Feb 2018 1:41 pm 

    marmico

    Why are you stalking me on other blogs and calling me by my other screen names? LOL You actually are the not the first to call me out on different blogs! I try switching my name up but my arguments and evidence is so top notch that the deniers can easily spot me! I always keep it peer reviewed and only use mainstream highly respected sources.

  45. MASTERMIND on Fri, 2nd Feb 2018 1:45 pm 

    marmico

    Here are four peer reviewed scientific studies authored by top experts all done within the last five years! Is that a close enough time frame for you?

    http://www.sciencedirect.com/science/article/pii/S0921800914000615
    http://www.sciencedirect.com/science/article/pii/S0959652617304225?via%3Dihub
    https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3574335/
    http://sustainable.unimelb.edu.au/sites/default/files/docs/MSSI-ResearchPaper-4_Turner_2014.pdf

    Now back to your cave troll!

  46. MASTERMIND on Fri, 2nd Feb 2018 2:51 pm 

    marmico

    Existing oil reserves are scheduled to begin a catastrophic crash within 1 to 3 years. When it hits the economic and social damage will be catastrophic. The end of Western Civilization, from China to Europe, to the US, will not occur when oil runs out. The economic and social chaos will occur when supplies are merely reduced sufficiently….

    https://imgur.com/a/6dEDt
    http://www.nature.com/nature/journal/v481/n7382/full/481433a.html
    http://www.sciencedirect.com/science/article/pii/S0301421509001281
    http://www.sciencedirect.com/science/article/pii/S030142151300342X
    http://www.sciencedirect.com/science/article/pii/S0016236114010254
    http://www.geo.cornell.edu/eas/energy/the_challenges/peak_oil.html
    http://www.energybulletin.net/sites/default/files/Peak%20Oil_Study%20EN.pdf
    http://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000
    https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR

  47. MASTERMIND on Fri, 2nd Feb 2018 2:59 pm 

    marmico

    Financial markets at risk from bubble, IMF warns
    http://www.telegraph.co.uk/business/2018/01/15/financial-markets-risk-bubble-imf-warns/

    Global economy set for decade of gloom as World Bank predicts recovery will fizzle out
    http://www.telegraph.co.uk/business/2018/01/09/global-economy-set-decade-gloom-world-bank-predicts-recovery/

    WORSE THAN 2007′: Top Central Banker warns of looming wave of worldwide bankruptcies
    http://www.telegraph.co.uk/finance/financetopics/davos/12108569/World-faces-wave-of-epic-debt-defaults-fears-central-bank-veteran.html

    ‘Perfect storm’: Global financial system showing danger signs, says senior OECD economist
    https://www.brisbanetimes.com.au/business/the-economy/perfect-storm-global-financial-system-showing-danger-signs-says-senior-oecd-economist-20180123-p4yyr2.html

    Nobel Prize-winning Economist Robert Shiller, The stock market today is similar to the market in 1928
    https://finance.yahoo.com/news/robert-shiller-stock-market-today-similar-stock-market-1928-204253341.html

    Our Broken Economy, in One Simple Chart
    https://www.nytimes.com/interactive/2017/08/07/opinion/leonhardt-income-inequality.html?smid=fb-share

  48. MASTERMIND on Fri, 2nd Feb 2018 3:01 pm 

    marmico

    everything was fine until conventional oil peaked! Now the entire global economy has gone off the rails!

    Conventional Oil Peaked in 2006 –IEA-EIA-NATURE-SCIENTIFIC AMERICAN
    http://imgur.com/a/uCz7V
    http://www.nature.com/nature/journal/v481/n7382/full/481433a.html
    https://www.scientificamerican.com/article/has-peak-oil-already-happened/

  49. MASTERMIND on Fri, 2nd Feb 2018 3:07 pm 

    And let Marmico mistake in stalking me and calling me out be a lessen to the next stalker reading this! I taken no prisoners! King kong aint got shit!

  50. JuanP on Fri, 2nd Feb 2018 7:22 pm 

    Micromind, You made four mistakes in your last comment, illiterate fool. You should go back to kindergarten! You are such a delusional retard! LOL! I think it’s time for you to post more links to prove how smart you are and how much you know! You are exceptionally stupid and ignorant! LOL!

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