Not Nearly As Good As It Sounds…

Heading Out writes: One of the difficulties that I believe that the general public have with the concept of peak oil, arises from announcements such as that just issued by the Canadian Association of Petroleum Producers (CAPP). In it the Association predicts significant growth in crude oil production…

…but while the numbers appear large, bear in mind that in a world market of 85 mbd an increase of 1.7 mbd is not a huge amount, and when spread over 10 years amounts to an increase of only 170,000 bd each year.

More after the jump at The Oil Drum.