A growing number of oil-industry chieftains are endorsing an idea long deemed fringe: The world is approaching a practical limit to the number of barrels of crude oil that can be pumped every day. Some predict that, despite the world’s fast-growing thirst for oil, producers could hit that ceiling as soon as 2012. This rough limit — which two senior industry officials recently pegged at about 100 million barrels a day — is well short of global demand projections over the next few decades. Current production is about 85 million barrels a day.
Sky-high crude-oil prices are fueling an economic boom here and in other oil capitals at the same time they are reigniting old divisions within OPEC and stirring fresh doubts about the future role of the world’s premier oil-supply cartel.
An industry selling environmental “passes” that let anyone from corporations to carpoolers claim they are helping to reduce global warming has established a set of standards to answer skeptics who say the system is rife with abuse.
Sizzling crude-oil prices have outpaced even gold’s heady rise this year, throwing the historical interrelationship between the two commodities out of kilter but not completely off track.
All I can say about this is NO KIDDING!?!? What a new day it is when WSJ starts meekly suggesting that the obvious might be true. Here is another newsflash - the same is true for other forms of energy...natural gas and electric power to name a couple. Growth of our consumption of all of our natural resources is going to intersect with our capacity to mine/produce them very soon. Is anyone planning a way for us to deal with this event?
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