15 Apr '18, 7pm

US Crude Oil Production — Hubbert Peak Oil Theory Revisited https://t.co/Knpaq2YCm9

MASTERMIND on Wed, 4th Apr 2018 1:13 am Peak oil is not a myth -The Royal Society of Chemistry Current data for the decline in oil fields’ production indicates that around 3 million barrels per day of new production must be achieved year on year, simply to sustain supply levels. This is equivalent to finding another Saudi Arabia every 3–4 years. In this context, fracking is at best a stop-gap measure. Conventional oil production is predicted to drop by over 50% in the next two decades and tight oil is unlikely to replace more than 6%. Once conventional oil’s rate of loss exceeds unconventional oil’s rate of production, world production must peak. Production of sweet, light crude actually peaked in 2005 but this has been masked by the increase in unconventional oil production, and also by lumping together different kinds of material with oil and referring to the collective ...

Full article: http://peakoil.com/production/us-crude-oil-production-hub...

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