Petrol problems about peak oil, not snake oil

World discovery of oil peaked in 1964 and has been declining ever since. The most likely production scenario is for an annual decline in world production of 2 to 3 per cent, so that world oil production will fall to about 1990 levels by 2020. In Australia, oil production peaked in 2001.

According to the Australian Association for the Study of Peak Oil and Gas: “High prices are the market signal that we urgently need transport and city planning that will reduce our oil dependence. Suggesting that high oil prices are temporary misleads the public and allows governments to delay difficult decisions.”

theage