Peak Oil Isn't Ahead, It's Already Behind Us
Peak oil is not just here — it’s behind us already.
That’s the conclusion of the International Energy Agency, the Paris-based organization that provides energy analysis to 28 industrialized nations. According to a projection in the agency’s latest annual report, released last week, production of conventional crude oil — the black liquid stuff that rigs pump out of the ground — probably topped out for good in 2006, at about 70 million barrels per day. Production from currently producing oil fields will drop sharply in coming decades, the report suggests.
The agency does not see energy doom on the horizon, however. By its estimation, after a short dip in production, crude production will reach an “undulating plateau” of about 68 million barrels per day between 2020 and 2035.
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