Peak Oil

Numbers

Global oil consumption in 2002: 78 million barrels/day. [1]

Global oil consumption in 2007: 86 million barrels/day (2% annual rise over 2002) [1].

U.S. oil consumption in 2006: 21 million barrels/day [2]

U.S. crude oil production in 2006: 5 million barrels/day [2]

U.S. crude oil Imports in 2006: 10 million barrels/day [2]

U.S. crude oil Imports from OPEC in 2006: 6 million barrels/day [2]

Top U.S. crude oil Supplier in 2006: Canada - 1,802,000 barrels/day [2]

U.S. trade deficit in oil for 2008: nearing $500 billion a year. [1]

[1] Peak oil? Consider it solved. By Joseph Romm Mar. 28, 2008

[2] Basic Petroleum Statistics (data for 2006 except where noted)

News

2008-04-15·Russian oil production has peaked: Lukoil executive

Bakken

Massive Oil Deposit Could Increase US reserves by 10x

Exploration companies can make good money on the Bakken. But it will never replace the big stuff that was discovered in the past.

According to the EIA, oil production in North Dakota was about 3.8 million barrels in July, which translates to about 123,700 barrels/day. Most - if not all - of this was from the Bakken. In the other state containing the Bakken - Montana, - July oil production was about 2.9 million barrels, or roughly 93,700 barrels/day. The majority of that - but not all of it - was from the Bakken. So we're talking current Bakken production on the US side at maybe 200K barrels/day. With the recent flurry of drilling and drilling plans there, 1 million barrels/day doesn't seem too far-fetched, though to be sure we're talking several years out.

Skeptics and Cornucopians

There Is No Gas Shortage · But Washington, Wall Street, and ethanol and oil and gas companies want you to think there is, says automotive expert Ed Wallace

The Bottomless Well · The Twilight Of Fuel, The Virtue Of Waste, And Why We Will Never Run Out Of Energy

Videos

Crude Awakening: The Oil Crash · trailer

The End of Suburbia: Oil Depletion and the Collapse of The American Dream

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