Jrbarnes

Don't Believe Long-Term Oil Forecasts

Geometric progressions work both ways. Per the IEA, the worldwide depletion rate is 6.7%. That means that the world's current production will fall in half in 10.48 years, lessened only by that which is added. It has been over 20 years since we have found as much oil in a year as we have used. As the population expands, and as LDCs use more oil, and as OPEC countries continue to use more and more of their own oil each year, the demand for oil increases while the oil supply available outside of OPEC countries continue to decrease. Oil production capacity has been flat for 5 years.