Monday, October 22, 2007

German energy group: Peak Oil hit last year

The German-based Energy Watch Group says world production to fall in half by 2030 with a 7 percent per year decline.

“The world soon will not be able to produce all the oil it needs as demand is rising while supply is falling. This is a huge problem for the world economy,” said Hans-Josef Fell, EWG's founder and the German MP behind the country's successful support system for renewable energy.

The report’s author, Joerg Schindler, said its most alarming finding was the steep decline in oil production after its peak, which he says is now behind us.

The results are in contrast to projections from the International Energy Agency, which says there is little reason to worry about oil supplies at the moment.

Well, the IEA has its head buried up its energy ass almost as far as Daniel Yergin does. It’s no surprise that it claims “all is well.”

Read the story; more and more mainstream energy analysts will be posting similar analyses and we’re going to see a lot of push-back.