60 percent of oil and gas execs believe trend of declining reserves is irreversible

Results of a KPMG survey, which polled 553 financial executives from oil and gas companies in April 2007. “These executives are deeply concerned about declining oil reserves, a
situation they see as irreversible and worsening,” said Bill Kimble of KPMG LLP.

The peak oil crisis: The minimum operating level

The size of our gasoline stockpile has become an important number, not only for everyone who drives, but also for the future of our economy… If stockpiles – on either coast – drop much more, we are going to find out, the hard way, exactly where the minimal operating level is, for that will be the day the shortages develop.

Drought puts pressure on electricity

The water shortage across eastern Australia is now so acute it has begun to affect power supplies, and the country is at risk of electricity shortages next year.

“I think we are in denial, and are going to have brownouts in NSW if we don’t get snow this winter,” a source within the electricity market said.