Most Professional Contributors to Think the World Reached PEAK OIL in 2008

The very smart collection of professional energy watchers at have arrived at something pretty close to a consensus: Oil “peaked” in 2008. Here’s the chart they present:

And here’s what they say:

As everyone knows, there is never a post on The Oil Drum that the entire staff agrees on. Nonetheless, Tony bases his findings on solid research, and a staff survey shows that most agree with a 2008 peak. A post discussing whether an alternate scenario with a second later peak might be feasible is planned for later.

World oil production peaked in 2008 at 81.73 million barrels/day (mbd) . . .  As oil production declines, countries such as India and China will probably increase focus on ensuring their own future oil supplies. India now has the world’s largest refinery complex, ahead of Venezuela, which can process heavy sour crude oil. China has been taking advantage of low oil prices and credit constraints to secure future oil supplies from Russia, Venezuela and Iran. Once global economic growth returns causing increased oil demand, there is a risk that oil importing countries could act aggressively for their own self interests rather than cooperating to manage oil consumption in the context of declining world oil production.

For more on PEAK OIL see here.

About Santi Tafarella

I teach writing and literature at Antelope Valley College in California.
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