According to a newly published global oil supply report to be presented by the Energy Watch Group at the Foreign Press Association in London, world oil production peaked in 2006. Production will start to decline at a rate of several percent per year.
Imagine having to pay $5 a gallon AND paying a Toll to drive on a freeway your tax dollar already paid for (Thanks to Gov. Rick Perry, Rep. Mike Krusee, Sen. Kirk Watson and others).
The press release states,"The world is at the beginning of a structural change of its economic system. This change will be triggered by a sharp decline of fossil fuel supplies and will influence almost all aspects of daily life."
10/22/2007
We Hit Peak Oil in 2006, Production to Deline by 7% a Year, Study Says.
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Finally, a realistic forecast of peak oil!
Here is another forecast of oil, from The Oil Drum, that may be of interest
http://www.theoildrum.com/node/3064
It shows a peak oil plateau starting in 2006 and ending in the middle of 2009.
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