Global depletion of the World’s conventional oil and gas is set to cause major near-term supply problems.
Hydrocarbon production is fixed mainly by past discovery. Key facts for conventional oil are:
U.S.A - Discovery peaked
in the 1930s; production in 1971.
U.K. - Discovery peaked in
the early 1970s; production in 1999.
- Discovery peaked in the 1960s; to-day only 1 barrel of
oil is found in new fields for every 3 barrels consumed.
In total, over 50 countries are past their resource-limited conventional oil production peak, and are in production decline. The global regions of Europe, Asia-Pacific and North America (excluding tar sands) are all in production decline.
For conventional gas, depletion of the original endowment is less advanced. The World, in addition, contains large stores of non-conventional oil and gas. But the total production of all hydrocarbons (oil plus gas, both conventional and non-conventional) is likely to peak fairly soon, probably around 2015.
These limits to global hydrocarbon availability will have economic and political impacts of great consequence. This site gives independent information on the subject, and discusses issues that society will face.