Deffeyes references an article which appeared last week in
Science.
Let me C&P one or two paras from that article
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')If more than half of the world's oil production is going to peak within a decade, "that has real implications for countries requiring huge imports to keep their economies running," says Rodgers. "Frankly, I think it's dangerous for the U.S. to bank on OPEC always being there to fill the gap." Just how dangerous a looming reliance on OPEC is depends on how soon you think OPEC's, and thus the world's, oil production is going to max out
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Other analysts, perhaps most analysts, are more sanguine about OPEC's oil bounty. They generally argue that OPEC countries have not been exploiting their oil riches the way Americans have theirs, so OPEC production needn't behave like that of the United States. Ahlbrandt of USGS points out that, unlike North America, the Middle East is seriously underexplored. There are only 7000 wells in the whole region, he notes, a number equaled by the total wells in a few counties in a single U.S. oil basin. The 2000 USGS study he headed finds abundant OPEC oil--oil known to exist in reserves, likely to be found in and around existing fields, and likely to be discovered in new fields. Peakists, however, argue that some reserves are not as large as claimed and that additions to reserves from known fields will not be as large as they have been.
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Far-future OPEC production is where politics and economics may prevail over geologic endowment. In its long-term projections, the U.S. EIA simply assumes that because OPEC countries have the oil, they will pump enough of it to fill the gap between future demand and non-OPEC capacity. In the case of Iraq, the latest EIA outlook has the Iraqi oil industry--now struggling to produce 2 million barrels a day--tripling its current production and achieving twice its highest previous production by 2025. At the same time, EIA concedes that OPEC countries would make more money in the long run by producing less than consuming countries demand but selling it at a higher price.
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Too late already?
"We know a peak is coming," Robert Hirsch of SAIC Inc. in Arlington, Virginia, said at the academies workshop, "but we really don't know when." A peak a quarter-century away, however, would be uncomfortably soon for Hirsch. Peaks tend to sneak up on analysts, he notes. Even if a consensus on peak timing develops, "there will be no quick fixes," Hirsch found in a study he did for the U.S. Department of Energy this year.
Hirsch considered technologies for replacing crude oil that are ready or nearly ready for commercial use. He assumed 3 to 5 years to get crash programs up and going and optimistic rates of expansion of each program. Still, unless the crash programs were begun 20 years before the peak, short-ages would occur. If they weren't begun until the peak arrived, "major shortages persisted a very long period of time," said Hirsch.
"The downside of the optimists being wrong is dire."