New research out of Kuwait, using a new method of calculating the crude oil production potential of 47 of the world’s largest oil producing countries, has found that peak oil will come much sooner than expected… 2014!
The scientists’ new method for evaluating world peak oil timing stems from the well-tested, popular and generally accurate Hubbert method — which was the first model to accurately predict when oil supply would peak from United States oil fields in the 1970’s. However, the Hubbert model has been scrutinized as not accurately depicting individual, widely-varying, country-specific items such as changing technology and politics.
To address these criticisms, the researchers modified the Hubbert model to calculate oil production trends that also include individual variations from country to country, and then applied it to the 47 largest oil producing countries in the world.
Not only did the researchers find that world crude oil production would peak in 2014, they discovered that the world is already depleting its oil reserves at a rate of 2.1% per year.
The planet, or rather the human race, seems like it is hurtling towards catastrophe of one form or the other. The deniers may well close their eyes and enjoy the present moment, but 2014 is too close for comfort!
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