Some Calculations...........
A conservative estimate of current production is 80 million barrels per day
= 30 billion per year
Average oilfield decline rate = 4.5%
= 1.2 billion barrels less than the previous year
So how much energy loss is this?
1 barrel of oil = 1.7 MWh
so 1.2 billion barrels = 2.04 bilion MWh = 2.04 million GWh
in 2007, the total energy generated by ALL the coal fired power on earth
= 8.3 million GWh (wikipedia quoted)
So it can be said that a year's decline of oil is equivalent to 1/4 of the world's coal fired generators going offline........................shocking