Friday, April 06, 2007

The beginning of the decline?

Over the past few years there have been a number of articles about the likelihood that the supply of oil will peak soon.

Twenty years ago there were twelve oil fields that produced a million or more barrels a day; now there are four. After WWII, eight big oil fields were discovered. In the '70s and '80s two big fields were discovered. In the past 20 years only one big field has been discovered.

It's expected that the two biggest fields - one in Saudi Arabia, the other in Mexico - will be producing less oil in three years. The Saudi field is expected to produce 10% less, the Mexican field 30% less.

Perhaps, Mother Nature will take care of global warning in her own way.

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