Oil Production has already Peaked

Oil is running out – fast.  Faster than expected and the majority of the world’s public is apparently oblivious to the fact.  But why should Joe Bloggs of Main Street Wolverhampton care that there is a problem with the market powers of the oil sector – isn’t this only a problem if you are an oil broker or Futures trader

The answer is obvious and clear: prices on the high street will rise starkly, meaning that to fill up your tank will be even more costly than it already is.  This, according to economists and the International Energy Agency, is no vague estimation but a fact that will take hold over the next few years.

According to the IEA, oil production in the majority of the world’s oil fields has already peaked.  The situation will mean that any hopes of a healthy recovery from the global recession will be hampered as the world heads into the ‘oil crunch’. 

Is there anything that can be done?  Yes, say the economists and experts: the world needs to become less reliant on the black gold (oil) so that a real catastrophe can be avoided.

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