John Hemming's Web Log John's Reference Website
Wednesday, October 29, 2008
  FT says oil production constrained
The linked story is based upon an IEA report which indicates a depletion rate of 9.1% rather than the normally expected figure of 8%.

There is still some vague exhortations to investment, but frankly there should now start to be a recognition that the geological constraints on the availability of oil have to lead to a change in the assumptions behind economic planning.

We must plan for reductions in oil availability rather than increases.
 
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