Submission + - Oil Production Peak Looms
anthemaniac writes: Oil prices are rising again and 'will move inexorably higher' in the face of 'a stormy geopolitical climate' according to one analyst. We're all used to seeing oil prices rise and fall because of global politics and big-business policies, of course. But what if the amount of oil that can be produced reaches a peak? Talk about a stormy geopolitical climate. That's just what a new Swedish study predicts might happen next year. Fredrik Robelius, a physicist and petroleum engineer, analyzed the production rates of 333 existing giant oil fields known and concludes the global production peak will occur between 2008 and 2018. Caltech physicist David Goodsteinagrees with the methodology and also thinks the peak is near. But the controversial prediction doesn't take into account new extraction technologies and other possible discoveries, critics say.