Quote:
Originally Posted by Mistress
What do you think made the numbers fall?
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That's a complicated question. Here's my short summary: A big portion of the world's oil is produced from giant oil fields that were discovered 25-50 years ago. Several of these are starting to decline. The last of the truly giant oil fields were put into production in the ‘70’s. The new oil fields being discovered are smaller and will not compensate for the decline of the giants. See Saudi's Ghawar field, Mexico's Cantarell, the North Sea field, Alaksa's North Slope, Kuwait's Bergen.
Spend about a week reading theoildrum.com. The future may not be what you expect.