New Oil Reports Add Confusion To ‘Peak Oil’ Theory

Proponents of “peak oil” — the theory that global crude oil production has hit its zenith and is headed for a steep decline — are upset with a U.S. oil industry group’s findings that the world has plenty of oil. Next week the U.S. National Petroleum Council — a board of high-level U.S. oil industry executives — releases its study titled “Facing the Hard Truths about Energy,” conducted at the behest of Energy Secretary Sam Bodman. According to the report’s executive summary obtained by Reuters, the world is not running out of oil but there are “accumulating risks” to securing supply through 2030.

All in all, the industry is going to need to “generate 3.0 mb/d of new supply each year just to offset decline.”

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