Dude, production has been stagnant for 4 years. Let me put it another way, they can’t pump at a higher flow rate. Wake up and smell the peak it’s all downhill for here.
I now believe that the hypothesis of a near or medium-term peak in the world’s oil supply is confirmed beyond any reasonable doubt.
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As I said at the top, this is my official forecast and I will not revise it in the future. I will note for the historical record that in July of 2008 few Americans have come to grips with the implications of a permanent peak in the world’s oil supply despite the strong price signal we’ve seen for several years now. I have done all I could over the last few years to warn everyone about what’s coming. My conscience is clear even as my concern remains high.
For me, the time has come to examine measures we might take in the post-peak world.
