Beneath the daily reports of record profits at major oil companies, there's a disturbing trend that is flashing red for those concerned about the possibility of an impending peak in world oil production. The trend, alluded to in earlier posts here and here, is expanded on nicely by Michael Klare in this piece on Common Dreams. The short version: Every year for the past 20 years new oil discoveries have not kept up with oil depletion. No big finds are on the horizon to bail out the oil market. Unless things change, the oil peak will be sooner rather than later.
(Via Flying Talking Donkey.)
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