The link is to a US Army report from 2005 in which on page 8 it says:
The oil market will remain fairly stable in the very near term, but with steadily increasing prices as world production approaches its peak. The doubling of oil prices
from 2003-2005 is not an anomaly, but a picture of the future. Oil production is approaching its peak; low growth in availability can be expected for the next 5 to 10
years. As worldwide petroleum production peaks, geopolitics and market economics
will cause even more significant price increases and security risks. One can only
speculate at the outcome from this scenario as world petroleum production declines.
The disruption of world oil markets may also affect world natural gas markets since
most of the natural gas reserves are collocated with the oil reserves.
Whereas the official UK government position remains no problem until 2030.
The oil market will remain fairly stable in the very near term, but with steadily increasing prices as world production approaches its peak. The doubling of oil prices
from 2003-2005 is not an anomaly, but a picture of the future. Oil production is approaching its peak; low growth in availability can be expected for the next 5 to 10
years. As worldwide petroleum production peaks, geopolitics and market economics
will cause even more significant price increases and security risks. One can only
speculate at the outcome from this scenario as world petroleum production declines.
The disruption of world oil markets may also affect world natural gas markets since
most of the natural gas reserves are collocated with the oil reserves.
Whereas the official UK government position remains no problem until 2030.
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