Friday, November 21, 2008
Are We Running Out of Oil Yet?
Posted by Cindy Klein-Banai at 2:05 PM
"Even those who believe there's plenty of oil left in the ground to meet rising demand are warning that the final crisis could come uncomfortably soon." According to an article in Science magazine non-OPEC oil supply may have reached their peak or plateaued. So even though prices have gone down not that is not likely to last. We will need 4 Saudi Arabias to make up for the decline in oil field production around the world to maintain our current product of 85 million barrels a day. To account for increased demand, we would need two more Saudi Arabias. If you have doubts about climate change this should convince you that energy conservation and renewable energy will be needed.