It looks like we have reached peak oil.
The International Energy Agency, as reported here, says that we actually slipped into peak oil four years ago. It's just that we haven't noticed it because with the economic downturn, demand has fallen sharply. But once the global economy picks up, we will really feel it.
The IEA report has good news and bad news. The good news is that oil supply will remain steady for the next 25 years because of new oil field discoveries. The bad news is that CO2 emissions will continue to rise as long as long as oil and coal are readily available. And of course the price of oil will continue to climb, creeping up to $135 per barrel by 2035.
For its part, the Pentagon is worried. According to Le Monde, the military is warning that by 2015, we will be falling short by 10 million barrels a day, or the equivalent daily production of Saudi Arabia.
Even if the crisis is averted, even if new oil fields start producing, the days of cheap oil are over. Governments need to recognize that we are moving into the post-carbon age.
no comment untill now