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Peak oil to arrive sooner than expected
- Wednesday, January 23 - 2008 at 17:35
Peak oil, the point in time at which the maximum global petroleum production rate is reached, will arrive sooner than most observers expect and bring about an economic crisis that will be much greater than the one that is currently taking place in the world markets, according to author David Strahan. Speaking at the World Future Energy Summit in Abu Dhabi, Strahan said peak oil may arrive as early as 2017, but no later than 2020. He noted that oil production is falling in 60 of the world's 98 oil producing countries, and that aggregate oil production in the OECD peaked in 1997 and has been in decline ever since. Once peak oil is reached, prices for petroleum could double as other sources of energy will not be sufficient to meet demand, thus bring about an economic crisis, he claims.
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Jeff Florian, Senior ReporterWednesday, January 23 - 2008 at 17:35 UAE local time (GMT+4)
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