Quote:
Steve Andrews, the co-founder of ASPO-USA, the domestic chapter of the Association for the Study of Peak Oil, said the optimism of IHS is misplaced and “irresponsible.” But his analysis also tracks with the concerns about how much the world can produce.
“In the theoretical world where Exxon could drill in Saudi Arabia, in Iran and in Iraq, as well as offshore California, you know we could get considerably higher production,” said Mr. Andrews. “But there is what we call practical peak oil. It’s the real world.”
He expects global oil supplies to reach a peak of around 92 million barrels a day sometime early in the next decade.
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IHS is one with about 20 others saying the opposite.
One of the major things happening now is the fact that China and India are gearing up for driving automobiles. GM just set a record in auto sales to China.
Oil consumption is going to be through the roof in two years.