Peak oil - Fact or fiction?

[bigpaul]

i have posted on this subject before, so at the risk of repeating myself-some of our newer members may not have read it before! these are some newspaper and magazine articles i have made a note of in past years, in no particular order: 13th September 2007 Central Somerset Gazette, " according to The Association for the Study of Peak Oil & Gas (ASPO), annual production of conventional oil PEAKED in 2005, total oils (heavy oil, tar oil, oil shales,polar oils etc) is expected to peak in 2011, Gas will peak in 2012, the downhill slide in fossil fuel production, food production and (possibly) world population MAY begin in 2012. ASPO newsletter in 2002: Liquid production will decline relentlessly by 5% per year-there will be an average of 2% growth in global oil DEMAND & a 3% DECLINE in production from existing reserves. 26th June 2008: Global thirst for oil is intense and economists warn high oil prices will impact on the world economy, demand has risen by about 3 MILLION barrels PER DAY since 2005 and is expected to increase further in the next 2 decades. the US remains the worlds largest oil consumer and high individual fuel usage continues to put pressure on stocks. CHINA & INDIA are forcast to account for 40% of demand in growth by 2030 as industry and travel increases. 8th August 2008: A serious oil supply crisis is looming, a "Supply Crunch" will affect the world market within 5-10 years a "Chatham house" report has said. 29th.October 2008: THE PEAK OIL GROUP- an industry taskforce-claims the problem of declining availability of oil will hit the UK WITHIN 5-10 years. 29th January 2009: CHINA's demand for oil has gone up by nearly 50% INDIA's is up by one third.