The Energy Bulletin directs us to an article recently published in the scientific journal Nature that supports the peak oil thesis. James Murray of the University of Washington and David King of the University of Oxford say that global production of easy to reach low cost oil peaked in 2005 at about 75 million barrels a day. The “supply of cheap oil has plateaued,” said King. “The geologists know where the source rocks are and where the trap structures are,” according to Murray. “If there was a prospect for a new giant oil field, I think it would have been found.” “We are not running out of oil, but we are running out of oil that can be produced easily and cheaply,” they explain. “…given the locations of the remaining oil, getting the next trillion is likely to cost a lot more than the previous trillion” adds King. Energy Bulletin has links to others who covered this article.

See also the Alaska Dispatch post Oil ‘tipping point’ has passed with much higher prices to come and Scientific American Has Petroleum Production Peaked, Ending the Era of Easy Oil?

While not buying into Peak Oil, Forbes agreed that the end of easy to get cheap oil is over in The End of Elastic Oil. Also see Debate rages on when oil will peak in gulfnews. Charles Kenny at Blooomberg challenges the Peak Oil and Peak Everything theory in Everything You Know About Peak Oil Is Wrong

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