Quote:
Originally Posted by soypwrd
Everyone is pumping full out now, and loosing capacity. Perhaps you might want to do a little research.
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And heres where you can do the research..
http://www.eia.doe.gov/ipm/supply.html
According to the EIA world production peaked in July 2006 at 85,424,000 barrels per day. That level of production has not been attained since. Additionally, production of over 85 million barrels/day (on a monthly average) was attained only three times. Yes, as oil get more expensive other sources of crude will begin to get economically feasible. Thats not in question, what is in question is whether the new sources coming online will provide enough oil to offset the loses from declining oil fields elsewhere. Keep in mind that Mexico's Cantrell oil field is dying, Saudi Arabia'a Garhwar field is dying. I think the Saudi's now have to pump almost three million gallons per day of seawater into the Gahrwar field to keep well pressure up. Thats a sure sign that the field is dying. In addition, every day the Saudi's do this, what is being pumped back out is more and more seawater and less oil. Meanwhile...demand keeps going up and up. Drastic changes will be happening sooner than we think, and we'll have no way to stop them.