Oil: A Bumpy Road Ahead

Oil: A Bumpy Road Ahead | EnergyBulletin.net | Peak Oil News Clearinghouse:
by Kjell Aleklett, President of ASPO -- Published 1/11/2006 by World Watch
"Unfortunately, very few have heeded our alerts, even though the signs have been so obvious that even a blind hen could see them. Fifty years ago the world was consuming 4 billion barrels of oil per year and the average discovery rate (the rate of finding undiscovered oil fields) was around 30 billion barrels per year. Today we consume 30 billion barrels per year and the discovery rate is dropping toward 4 billion barrels per year (see figure). This is significant; Chevron is even running an ad saying, 'The world consumes two barrels of oil for every barrel discovered. So is this something you should be worried about?'"