Oil Running Out?
In 1956 Marion King Hubberts, a geoscientist with Shell in Huston predicted the end of oil. He said that oil production would peak out in 1969 and decline, ultimately increasing prices of oil and ceasing to meet global demands. Effectively the world saw this exact thing happen.
It is still happening today with more oil being used than produced and more wells being dried up than new ones being found. Since 2000 only one barrel of oil is found for every 4 barrels we use. What we are seeing is what Dr. Colin J. Campbell, a petroleum geologist who did work with Hubberts, says is the permanent end of cheap oil.
To complicate matters further OPEC (Organization of Petroleum Exporting Countries) countries and oil companies are not being honest about how much they are actually producing. Reserves that are claimed to hold 49million barrels have been found to have only 8 million. Saudi Arabia, the #1 oil producing nation in the world, is claiming to have 257.5 barrels of oil still. Yet there is only "130 billion barrels of proven reserves".
The oil picture just gets bleaker too. China and India are buying into the game. China is aiming to consume 200 million barrels a year by 2015. At present they are the second largest consumer with 17 million tonnes per year. Potentially China will only add 12.5 million barrels per year to the world market.
According to BP Statistical Review of World Energy, 18 major oil-producing countries have passed their peak production. At the same time the world is consuming more and more. The problem is obvious.
See
A Crude Awakening- The Oil Crash for more information on the Peak Oil Crisis.