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By A Smith (anonymous) | Posted October 07, 2010 at 17:10:47
Ryan >> I don't relish it in the least, but I do accept the fact that it's here.
Let's look at the FACTS. In 1999, world crude oil production was 65.92 Mbpd. In 2009, ten years later, it was 72.26 Mbpd, a jump of 9.6%...
http://www.eia.gov/emeu/aer/pdf/pages/sec11_11.pdf
How can a 10% jump in oil production in one decade be morphed into, "we're running out of oil"? Furthermore, please explain how 17 years of flat oil production, from 1979-1996, occurred and yet oil prices fell and the economy kept on creating wealth?
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