With consumption of oil exceeding new finds, Peak Oil crisis is almost here

Peak Oil concerns arise not from the complete exhaustion of known reserves but the zero growth in world production of conventional oil in last six years. Simply put the world’s consumers are using more oil than the oil companies are finding. Some oil fields e.g. in southern USA have been worked to exhaustion, with old pumps and pipes lying rusting in the Texan deserts. Other larger oil fields are slowly being worked to their exhaustion with the output of the world’s three biggest fields – in Saudi, Kuwait, Mexico – in decline.

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