The admiral’s warning
In a 1957 speech, before a gathering of physicians, Adm. Rickover raised the specter that easily accessible and economically reasonable supplies of fossil fuels would be in jeopardy … just about now.
In a 1957 speech, before a gathering of physicians, Adm. Rickover raised the specter that easily accessible and economically reasonable supplies of fossil fuels would be in jeopardy … just about now.
As energy jitters continue to rattle the global economy, regional alliances are being solidified to ensure that China will remain a viable and growing economy as oil depletion becomes a permanent fixture of our daily lives.
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World oil production has already peaked and will fall by half as soon as 2030, according to a report which also warns that extreme shortages of fossil fuels will lead to wars and social breakdown.
The German-based Energy Watch Group will release its study in London today saying that global oil production peaked in 2006 – much earlier than most experts had expected. The report predicts that production will now fall by 7% a year.
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(More)
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Peak oil theory believers include some of the world’s most respected engineers and economists, many of whom have years of experience working in the oil and gas industry. Some of them go so far as to say the world may have already peaked in its oil production and that production will soon go into a steep decline.