Submission + - Peak oil is a looming threat to security - GAO
Engineer-Poet writes: "Prompted by pressure from the Hon. Roscoe Bartlett (R-MD) and Tom Udall (D-NM), today the GAO released a ground-breaking report on peak oil. While it is arguably weakened by references to Richard Duncan's "Olduvai Gorge" theory and other fringe concepts, it deflates a number of widely-held misconceptions about ethanol, fuel cells, and a host of other things. Among the salient points:
- US oil production peaked decades ago. Technology may slow the decline, but it is going nowhere but down.
- Most of the major oil-producing nations in the world have either peaked, or appear to be peaking. (The list of "has-peakeds" includes Mexico, whose mammoth Cantarell field's production is dropping on the order of 20% per year.)
- Most of the remaining oil in the world lies in politically unstable nations (think Venezuela and Iraq).