On Sun, 24 May 2009 13:53:50 +0100 someone who may be Grimly
Curmudgeon wrote this:-

Are you an advocate of sitting on our arses and doing nothing because
you say there's more there than we think there is?

Indeed.

A good introduction to the subject is at
http://philhart.com/content/introduction-peak-oil from which the
following is taken

"Listening to the 'market experts' on your evening news, you could
be forgiven for thinking that oil production is governed purely by
economic theories. It is going to be a painful lesson, but even the
economists will soon learn that the production of oil is in fact
governed by very sound geological principles and the laws of
physics.

"The oil we have built our societies on was actually created one
hundred million years ago. More of it is not now going to suddenly
appear 10,000 feet underground just because economists say the price
is too high. Let me try to clarify the situation.

"The simplest observation to begin with is that you must discover
oil before you can produce it. Figure 1 shows the worldwide trend of
oil discovery and production. This chart reveals several important
facts:

" * There were enormous early discoveries (in the Middle East) in
the late 1930's and late 1940's

" * Worldwide oil discovery peaked in 1964 and has been falling ever
since

" * Every year since 1984, we have been discovered less oil than we
have produced

" * We currently find one barrel of oil for every four that we use

"We are not yet 'running out' of oil - there is still a lot in the
ground. But, we are reaching the point where the production rate
will 'peak' and begin to decline. For a world built on an assumption
of continuing growth in energy and the economy, this is challenging
news."




--
David Hansen, Edinburgh
I will *always* explain revoked encryption keys, unless RIP prevents me
http://www.opsi.gov.uk/acts/acts2000/00023--e.htm#54