YES, says Matthew R. Simmons, founder of Simmons International:
"Many supposed energy experts refute peak oil, and mistakenly think the term means that we are running out of oil. Peak Oil does not mean "running out of oil". The world will likely never run out of oil, but the flow of usable oil has almost certainly already passed its high-water mark. Over the next five to ten years, our current oil supply will likely decline by as much as 15 to 25 per cent. In the meantime, despite the recent recession fears, the world's planned use of more oil is staggering.
NO, says Peter Odell, professor-emeritus of international energy studies, Erasmus University:
"Claimants for a near future peak in global oil production fail to recognise the processes whereby reserves and production evolve. They equally avoid the central role played by both economics and politics in equilibriating the markets.
The world's currently proven and potential reserves of oil - both conventional and non-conventional - eliminate any significant up-side restraints on the growth of production . On the contrary, near future constraints on oil supplies will be imposed by slow demand growth (of no more than 1.5% per annum).Thereafter, the eventual continuation of a steadily increasing supply of oil for global use will be based on the present creation and future maintenance of a 40-plus years' reserves-to-production ratio.
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