Peak oil has already arrived
15-12-2010
By Michael Baxter
Yesterday, it was told here how the UK Industry Taskforce on Peak Oil and Energy Security (ITPOES) has predicted that peak oil, that’s that point when global output of oil starts to peak, is less than ten years away and could even occur during the lifetime of this government.
Well, just a few hours later another story emerged, this time from the International Energy Agency, which said we have in fact already passed peak oil; that global oil output peaked in 2006. It said that the onset of global recession, leading to a fall in demand, was the only reason why oil did not carry on rising once it passed $140 back in the summer of 2008.
To see a more comprehensive analysis of peak oil and the arguments for and against, see yesterday’s piece: Peak oil is less than a decade away
www.investmentandbusinessnews.co.uk
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