THE world produces oil at a rate of around 26.3 billion barrels per year. (Telegraph Business News). Consumption rates are over 30 billion barrels and rising.
Energy Watch (Germany) reports that oil production peaked in 2006 and is set to fall to around 13 billion barrels by 2030.
To feed growing industrial economies the International Energy Agency state that by the same year demand for oil would be over 40 billion barrels per year.
A rude reality check awaits in the not too distant future.
The fact that most remaining reserves of oil and gas (also subject to supply restraints well before mid-century at present rates of growth) are sourced in unpredictable, politically corrupt areas like the Middle East, North Africa (note current unrest), Russia and central Asian republics also doesn’t bode well regarding future security of supply.
Food for thought, our policy makers and individuals alike as we continue our unsustainable addiction to oil, the other fossil fuels and unrenewable resources in general, most in depletion mode well within this century.
Blind continuous materialistic economic growth based on finite resources is ultimately impossible. How can this simple fact not be seen?