To Peak Oil, Or Not To Peak Oil

There are three arguments going around. One is that the world is running out of conventional oil sources and we are entering the era of falling production. The Mid-East today satisfies roughly 30 percent of global supply. Of more importance, however, the Mid-East has roughly 65 percent of global reserves and some have projected that by 2020 they may hold over 80 percent of global reserves of conventional oil. Of those reserves, Iran and Iraq currently hold about one-third. It is believed, however, that undiscovered oil under the sands of Iraq and in Iran could easily double current reserves there. As well Iran in particular and Iraq hold over 40 percent of the Mid-East

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