Market edges closer to breaking points

When I went to work for Mobil Oil in 1966, M. King Hubbert’s prediction that Lower 48 crude oil production would peak in 1970 was controversial. Debate over the timing of the peak in global oil production can be taken as an indicator that it is getting close. Two years ago, Iraq was the emerging oil power, and the timing of the peak appeared to be between 2007 and 2010. Now that Iraq is a war zone, 2005 is a better bet, and it may have been 2004.

WorldOil/ Groppe, Long & Littell