That needs to change and change now. Conservation needs to be foremost in our minds. Why? Scientists in Kuwait are saying that conventional crude oil production will peak in 2014. Yes, 2014!
Scientist say that the world’s oil reserves are being depleted at a rate of 2.1 percent a year. They base their study on the Hubbert Model, which predicted that oil production in the United States would peak in 1970. However, more factors have been added to the model such as more complex oil production cycles of some countries. These cycles have been influenced by technology changes, politics, and other factors. Scientists now conclude that oil production will peak in 2014.
Up to now most of the predictions concerning the peak of crude oil production has been around 2020 or later.
Our take? If the model is correct, then we really don’t have much time before the availability of oil will affect the economies of every nation on earth even more than it already does. The struggle to find alternative energy sources as well as an energy policy has become much more urgent.
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