Chris Martenson in his latest article on 321energy ” I cannot state this strongly enough: The WEO 2010 report is an official admission that Peak Oil is not only real, but it’s already here.”
First, pay close attention to the legend for the chart. Starting at the bottom, note that crude oil from “currently producing fields” (dark blue) is already in sharp decline and is expected to decline from a high of 70 mbd in 2006 to ~15 mbd in 2035; a loss of 55 mbd over 25 years, or 2.2 mbd per year. The next band up (gray) is crude oil from “fields yet to be developed,” which we largely know about but have not yet really started producing significantly.
The bottom lines are these:
The IEA now admits that conventional crude oil peaked in 2006. Permanently. Any gains from here are due to contributions from unconventional oil and natural gas-to-liquids.
Under no scenario envisioned will future growth in fossil fuel supplies be equal prior rates of growth.
Energy from here on out is going to be (much) more expensive. Link