21 Nov '11, 2pm

Drumbeat: November 21, 2011

There are four generally accepted definitions of Peak Oil – 1) when maximum oil production has been reached, 2) when over 50% of the estimated original-oil-in- place has been produced, 3) when oil demand exceeds oil production, or 4) when new reserves added are consistently less than the reserves used on an annual basis. In 2005, few people in the oil industry believed in Peak Oil despite the warnings of M. King Hubbert, a Shell Oil scientist. Daniel Yergin, Michael Lynch, Steve Forbes, and others have generally considered Peak Oil to be a myth. Now, in 2011, many more knowledgeable oil people are considering the viability of the Peak Oil reality and there are some very good organizations like Association for the Study of Peak Oil and Gas who continue to promote Peak Oil as a serious world problem and both a near-term issue and a long-term challenge.

Full article: http://www.theoildrum.com/node/8639

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