The International Energy Agency reckons it just might be!!
Oil – the fuel everything we do runs on – hit peak production in 2006 they think. This means with an every increasing popluation (most of whom at the moment don’t use oil anywhere near as much as we do in Europe/America) the amount of oil to go around will stay the same, or even start to drop, sending prices upwards.
In this chart we can see what they expect over the next 25 years. The darkest blue is the oil we are currently pumping – that’s on a downwards trend.
Above that is oil we know about, but are not pumping yet – also on a downwards trend. To stay level we have to hope we find new reserves – oil we don’t even know about yet.
To top up the levels we need more Liquified Natural Gas and BioOil (oil from plants).
So – is this the end of Fossil Fuel Oil as we know it?
Source: Yale University Environment 360