Re: CNN on

["s.artesian" <sartesian@xxxxxxxxxxxxx>]

And the evidence?  Right, right oil futures at $80.99.  Has nothing to do with hurricane season, impact of Humberto on US refineries and Gulf Coast production.  It must be the end of the oil era.

-----Original Message-----
>From: The Buffalo In Da' Midst <the.buffalo.in.the.midst@xxxxxxxxx>
>Sent: Sep 14, 2007 5:23 PM
>To: PEN-L@xxxxxxxxxxxxxxxx
>Subject: [PEN-L] CNN on "The end of oil"
>
>The end of oil
>A small - but growing - group of experts think world oil production
>will peak in the next few years, to devastating effect.
>By Steve Hargreaves, CNNMoney.com staff writer
>September 14 2007: 2:50 PM EDT
>
>
>....But its adherents are growing, and include some fairly well-known names.
>
>In the coming week, a former chairman of oil giant Royal Dutch Shell
>(Charts) is speaking at a peak oil conference in Ireland, as is former
>U.S. Energy Secretary James Schlesinger.
>
>Most peak-oil proponents simply don't believe the numbers put forward by
>industry and the government.
>
>The world will produce 118 million barrels of oil a day, up from its
>current 85 million barrels per day, just to satisfy projected demand by
>2030, according to the Energy Information Agency.
>
>"That's never going to happen," said Richard Heinberg, a research fellow
>at the Post Carbon Institute and author of three books on peak oil.
>
>Heinberg says world production of regular crude oil actually peaked in
>May 2005. He also says production in 33 of the 48 largest oil producing
>countries is in decline, and that global oil discoveries peaked in 1964.
>
>Most importantly, he says reserves in the Middle East, where EIA
>predicts the bulk of new supply will come from, have been
>"systematically overstated."
>
>"Everyone just takes their figures at face value," Heinberg said. "But
>they are national oil companies, they can't be audited."
>
>In Full: http://money.cnn.com/2007/09/14/news/economy/peak_oil/?postversion=2007091414