A new report put out by the U.S. DOE has inspired a fresh perspective or two:
Bloomburg News reported that the Energy Department study found that conventional oil production reached "soft and sudden" peaks in Texas in 1972, North America in 1985, Great Britain in 1999 and Norway in 2001. These dates were predicted by formulas used by proponents of the peak oil theory to predict the crest of global oil production.I predict the wingnuts will start anti-formula campaigns in the not-too-distant future to help the cornucopians out.
Hmmm, just a seasonal adjustment, a loss-prevention measure, or a genuine decline?
Preliminary data from tanker tracker Petrologistics showed Opec pumped 400 000 barrels per day less crude so far in September, compared with the whole of last month, on lower production from the group’s top two producers, Saudi Arabia and Iran.