oil baron

Where Have All the Peak Oil Believers Gone?

According to EIA statistics there are world reserves of 1.04 tbo.
Annual consumption is approximatley 31.5 billion barrels (assuming consumption of 86mmbod). Mathematically we have 33 years of reserves, however realistically we have less than 20 years of reserves left on the planet. Each year, without major discoveries oil production will decline 3-5% and consumption will increase by the same %.
Say what you want about peak oil but it is here now.
At current prices there will be little incentive to drill the deep mega-expenisve offshore and Alaskan wells necessary to supplement our needs going forward. Current prices will also inhibit the pursuit of renewable energy sources. Let OPEC have their make believe production cuts but over time it won't matter at all.
So, for the time being, enjoy lower gasoline prices and get back in those gas guzzling SUV's because in the near future the party will end badly.