Oil Production Could Peak Next Year

Oil Production Could Peak Next Year

www.livescience.com

Global oil production will peak sometime between next year and 2018 and then decline, according to a controversial new model developed by a Swedish physicist.

Since 1956, when American geophysicist M. King Hubbert correctly predicted that U.S. oil reserves would hit a peak within 20 years, experts have debated when the same might occur globally. Some oil companies and consultancy firms such as Cambridge Energy Research Associates speculate that oil will peak sometime after 2020, but a number of oil geologists and executives predict it will happen much sooner.

And once production starts declining, there could be major supply problems, analysts say, especially when it comes to transportation—cars, aircraft, trains and boats are today without a ready alternative to petroleum-based liquid fuels.

Reaction to the latest prediction is as polarized as the debate has been on this issue for decades.

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Peak Oil, I have not followed this topic a whole lot, but I do know that peak oil next year is not necessarily a good thing...

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