Did Peak Oil occur in May, 2005?
July 31, 2008 – 8:13 amThe following article provides additional support to this view:
http://www.reuters.com/article/bondsNews/idUSN3046323420080730
Mexico’s largest field, Cantarell, is in serious decline. Mexico is a major supplier of light, sweet crude (the type our refineries need). Enjoy the low price of gasoline while you can. There may be notable reserves in the ground, but they cannot be developed quickly. From a macroeconomic view, world demand is expected to outstrip the net supply. New field production will not fully offset current field depletion.
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