Nine percent

The Financial Times has leaked the results of the International Energy Agency’s long-awaited study of the depletion profiles of the world’s 400 largest oilfields, indicating that, “Without extra investment to raise production, the natural annual rate of output decline is 9.1 per cent.”

Two peak oil reports: IEA and UK taskforce

Financial Times leaks IEA report
Watchdog (IEA) warns on declining oilfield output
IEA denies oil output falling at faster rate
Jeremy Leggett on UK report
Falling oil production ‘is greater threat to Britain than terrorism’
Taskforce: Oil production predicted to decline within 5 years
Leggett interview on oil report

Why does fungibility matter (and where did it go)?

Our ability to substitute with alternative sources of energy is a factor of how fungible energy really is–how easily we can bring alternative B to replace lost supply of energy A. This article discusses how the real world tends to intrude on fungibility of our various sources of energy and what this matters.