23 Feb '13, 5pm
Peak oil down to war, depression and geopolitical shifts
So-called refinery gains, which are usually included as part of our fuel supply, do not produce more energy; they simply puff up the refined oil products so they take up more space in their containers – something akin to baking bread. At the current time, the world is producing about 75 million barrels per day of conventional oil and an additional 15 million barrels per day of other combustible liquids. After growing steadily for the last 150 years – interrupted by the occasional war, economic depression and political upheaval – conventional oil production has grown very little in the last eight years.