Summary
Steve Chapman notes that many oil experts predict global oil production will soon decline, but takes solace in the fact that such predictions have always been wrong in the past ("Impact fumes ... and incentives," Commentary, Wednesday). But since oil is finite, decline is inevitable. So the optimists will be wrong one day, the only question is when.
Multiple lines of evidence point toward sooner rather than later. You have to find oil before you can pump it out. But global oil discoveries peaked about 40 years ago. We have been burning more oil than we have discovered since 1980.See the full content of this document
Extract
'Inevitable Decline' in Oil Production
America's oil production peaked in 1970, while our discoveries peaked in ...
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