Tough Times Ahead Ahead As ‘peak Oil’ Looms

Bartlett said some 5 million wells had been drilled worldwide, of which 3 million were in the US, where peak oil was reached in the early-1970s. He talked of a consensus figure of some 2,000 “gig barrels” (2 trillion) for global oil reserves, of which about half remain.

He said, too, that the world order that we had become accustomed to was about to end.

“Last year, China used about 30% more oil. India now is demanding more oil. As a matter of fact, China now is the second largest importer of oil in the world. They have passed Japan.”

Bartlett said the outlook was grim and that it was vital to buy time in order to find and develop meaningful energy solutions. The best way to achieve that was through efficiency and conservation.

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