this will be a short, but sweet diary.
Peak Oil is here, now.
The numbers quoted below the fold are the first solid sign of a global decline in oil production.
While the price of West Texas Intermediate oil was above $70/barrel for much of the first half of 2006 and the average price of all oil grades was about $27/barrel higher than the average during 2004, global liquid hydrocarbons production declined more than 100,000 barrels/day (b/d) compared to the first half of 2005, according to U.S. Department of Energy/Energy Information Administration (US DOE/EIA) data.
For comparison purposes, global liquid hydrocarbons production increased 3.43 mb/d in 2004 and 1.47 mb/d in 2005.
full article here:
http://www.energybulletin.net/...
What does it mean? It means we're on the downslope, the first dip in global oil production, ever. Even during the 73 oil embargo, prduction increased (It just wasn't coming to the US)
With oil at record prices and producers running flat out, oil production declined. There is no time left to make a transition to alternative energy now. We might make the attempt, but oil supply will decline faster than we can transition, so something will have to give. What will give
is American Civilization.
I don't mean mad max, ar least not yet, but rather a slow, steady decline in economic output as energy gets more and motre impossible to find.