Reply #5: Peaks happen locally, regionally, and up [View All]

[Terry in Austin]

The biggest area being global. The geology of it is well understood and generally accepted.

This cross-checks with another fact: Consumption is outpacing discovery by at least 3 to 1. We'll have to discover the equivalent of a Saudi Arabia every two years just to stay even.

Petroleum Review's megaprojects report tracks oil projects in development out to 2018 and shows new production continues to decline dramatically at least that far into the future.