Where do we Stand?
§World oil production is at or near its historical peak
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§Most production capacity is controlled by national oil companies -- and is not part of a market economy
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§China and India oil demands are increasing rapidly -- they expect to import mainly from OPEC, but the supply is limited
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§Demand increases must be satisfied by new discoveries -- tar sands and oil shale might help satisfy the increasing demand
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nMatthew Simmons: “We are In a Deep Hole”
As Matthew R. Simmons says, “We are In a Deep Hole”