"Because oil is a depleting, finite natural resource, world conventional oil production will reach a maximum, called "the peak," after which production will decline. Using differing methodologies and information of widely varying quality, experts and organizations have attempted to forecast the likely year of conventional oil production peaking. Their range of estimates extends from late last year to an apparent denial that it will ever happen. Almost all
forecasts are based on differing, often dramatically differing geological assumptions. Explicit account of investment rates in new and expanded production has been relatively rare."
forecasts are based on differing, often dramatically differing geological assumptions. Explicit account of investment rates in new and expanded production has been relatively rare."
Peaking of World Oil Production: Recent Forecasts, February 5, 2007
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