Is the world’s oil running out fast?

“Asking other delegates – admittedly supporters of the peak oil theory – whether such a steep increase was feasible, the answers were unambiguous: “absolutely out of the question,” “completely impossible,” and “3 million barrels – never, not even 300,000.”

One delegate laughed so hard he had to support himself on a table.

Some recent figures tend to back up ASPO’s outlook.

North Sea production is declining at an increasing rate, having peaked in 1999.

Not at the predicted flat rate of decline of 7%, but gradually accelerating from 7% to 8.5% to 11%.

And the number of major new oil fields discovered around the world fell to zero for the first time in 2003, despite an obvious increase in technological expertise. ”

BBC