Daniel Draffen

Has Oil Production Reached a 'De Facto' Peak?

You could call it 'Virtual Peak Oil'. Herbert's global peak is probably just a few years away or here already. Even as Saudi Arabia plans to boost production many more oil fields are hitting peak and going into decline. In additon, many oil exporters are acutally using more oil themselves, not hoarding per se but actually keeping it for their own growing economies. The remaining reserves are getting really hard and *expensive* to get to and produce. We're not out of oil but are out of cheap oil. Peak 'Cheap' oil has happened!!!