World oil reserves and future production
Ray Leonard, Vice-President-Eurasia with Kuwait Energy Company, wrote in a 2001 paper: “By 2010, [oil] production … will start to rapidly decline. This will conflict with the steadily increasing demand for oil. The collision of these two trends will lead to shortages and increased prices, providing a strong incentive to shift to alternative fuel resources…Due to unequal distribution through the world of oil and gas supply and consumption, [the upcoming] transition will result in significant shifts in global power and wealth.”
June 30, 2008