Topic: Who believes in peak oil?

[Electric Eye]

For all the pro-oil people that say we have LOTS of oil left, I hate to break it to ya, Dick Cheney knows more about the subject than most lower echelon oil people do.

http://www.lifeaftertheoilcrash.net/

The coming oil shocks won't be so short-lived. They represent the onset of a new, permanent condition. Once the decline gets under way, production will drop (conservatively) by 3% per year, every year. War, terrorism, weather and other "above ground" geopolitical factors will likely push the effective decline rate past 10%. (Source: Energy Intelligence Newsletter)



That estimate comes from numerous sources, not the least of which is Vice President Dick Cheney himself. In a 1999 speech he gave while still CEO of Halliburton, Cheney stated:



By some estimates, there will be an average of two-percent

annual growth in global oil demand over the years ahead,

along with, conservatively, a three-percent natural decline

in production from existing reserves.That means by 2010 we

will need on the order of anadditional 50 million barrels a

day. 

 

I remember reading about it in 1996, and sure enough it is happening right before our eyes. Couple that with some killer gulf hurricanes like we had in 94 (I'm not talking those that hit the U.S., that is secondary, I'm talking the ones that give the knock out punch to the Gulf of Mexico oil producing areas, like all those hundreds of rigs miles and miles offshore) and with a paltry 5% cutoff from the Mid-East and Latin America could wreak havoc on the American economy and way of life.