"It's Really Bad" - Oil Supplies Intentionally Overstated

My comments on this news:

Resources --- real things -- are where the rubber meets the road.  That is a guideline whether evaluating stock portfolios, national currencies, or lifestyle choices.

Peak oil describes a production plateau followed by decline.  For over a decade, experts have variously denied that it exists or, alternately, predicted the date of peak oil. Most estimates placed the coming peak as anywhere between 2002 and 2011, and all agreed that peak oil could only be identified retrospectively.

Evidence that the peak came and went in late 2005 is slowly accumulating.  At that time, global oil production [counting natural gas liquids – NGL] was approximately 85 million barrels per day [b/d].  Current world oil production is 83 million b/d.  Will production retake and surpass the hilltop of 85 million b/d?

If the answer is “Nevermore,” various personal adjustments are possible including attention to “distributed energy” sources.  The most obvious is solar panels on one’s house – a program currently subsidized in the through tax credits. Other alternatives become available if one has access to wood lots, fast-running streams or windy mountain passes, although none will replace the many uses of oil.

 V.