[M_B_S]

http://www.miamiherald.com/2012/08/11/2 ... risis.html

The U.S. Energy Information Administration’s deputy chief, Henry Gruenspecht, defended his agency’s main global oil supply forecast as stemming from “careful consideration of a wide range of factors.” He noted, however, that there’s “significant uncertainty” about future supply and demand of liquid fuels and a lack of transparency regarding some nations’ reserves. An international group of scientists and energy experts argues that global oil production has peaked or soon will as the second half of the oil age begins. The experts, known as peak oil advocates, say that the output of 500 existing giant oilfields that provide most of the world’s liquid fuels has begun a gradual decline that will create a 17 million-barrel daily deficit by 2035.

If they’re right, and if the Energy Information Administration has accurately projected future demand, liquid fuels production must fill a daunting, 38.6 million-barrel daily void to keep pace — an amount equal to more than 40 percent of the current global output.

“We’re facing a situation that is real hard for anyone to grasp,” said Kjell Aleklett, the Swedish president of the Association for the Study of Peak Oil.

Oil industry officials strongly disagree.........

Read more here: http://www.miamiherald.com/2012/08/11/2 ... rylink=cpy
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Here in Germany the pain @ the pump gets heat and press attention. Fuel prices hit 2008 record levels again and more pain comes from the heating bill 2012/2013 while heating oil cost 1 Euro / liter =(5$)/ gallone.

Reality 2012 6 years after Peak Oil ( crude ) EWG.

Deal with the reality or the reality deals with you.

PEAK OIL!

M_B_S

[Plantagenet]

Here in Germany the pain @ the pump gets heat and press attention. Fuel prices hit 2008 record levels again and more pain comes from the heating bill 2012/2013 while heating oil cost 1 Euro / liter =(5$)/ gallone.

Reality 2012 6 years after Peak Oil ( crude ) EWG.

Deal with the reality or the reality deals with you.

PEAK OIL!

M_B_S

We're getting close again to $4/gallon here in the USA, and thats a record for us---its the most expensive July gas ever. The Obama administration is talking about raiding the strategic petroleum reserve again to dump some oil on the market if gasoline prices go much higher before the November election.

[SeaGypsy]

Still the cheapest gas in the world outside the middle east. Still with an obvious WTI glut and price advantage. Still no answers.