Economists, like priests, are obliged by their profession to believe in things both seen and unseen, such as huge reservoirs of oil yet to be discovered--through the magic of the marketplace, of course. Chris Skrebowski, on the other hand, prefers evidence to belief, things seen to those unseen. Skrebowski is editor of Great Britain's respected Petroleum Review, and he handles the review's regular Oilfield Megaprojects Report. The most recent report will give little comfort to oil supply optimists. In short, the megaprojects that the world relies on to replace and grow oil supplies are declining rapidly. He thinks the peak in world oil production is nigh if not here.
For more on why we are experiencing a dearth of big oil finds, read my earlier post Faith-based economics II: The case of oil's sudden scarcity.
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