Has World Oil Production Passed Its Peak?

dido writes "Princeton University geology Professor Kenneth Deffeyes has been studying world petroleum production data and has come to the conclusion that the world hit peak oil last December 16, 2005. If he is correct, total world oil production will never surpass what was produced last December. From the article: 'Compared to 2004, world oil production was up 0.8 percent in 2005, nowhere near enough to compensate for a demand rise of roughly 3 percent. The high prices did not bring much additional oil out of the ground. Most oil-producing countries are in decline."

Comments

Re:If supply is fixed, let'd adjust demand.

[fm6]

You're just saying that because you hate George W. Bush!

Re:If supply is fixed, let'd adjust demand.

[baldass_newbie]

Something tells me at the tune of over US$1 Billion a day, those Arabs are crying all the way to the bank.

But I'm wondering how we're 'running out' considering that they still haven't put a pump on the seven sisters in Saudi Arabia which have been pumping continuously since the 1950s?
The US also has vast reserves, we're just not allowed to touch them lest the animals that don't live in the area get harmed.

Re:missing the point

[putko]

When that happens, in America you'll have productive, law-abiding folks wanting to live in areas where criminal poor people live. What will happen to the poor folks? Where will they get shoved?

One of the neat things about America is that suburban sprawl has been possible because of autos. So the productive, law-abiding folks found it possible to get away from the criminal class after the court mandated unsegregated workplaces and schools. The cost of satisfying those mandates was made cheaper due to cheap oil.