To those people who think that peak oil is a fantasy, I would present a link that I found on another DKos entry (you can see it on the Recommended section.)
Kuwait, according to the Petroleum Institute, has cut their estimates of reserves from 99B barrels to 50B barrels. That would be... let's see... 50%. That represents 5% of the world's reserves.
According to the projections, we are now at - or beyond - peak oil. Oil is approaching $70/bbl. I estimate $100/bbl by August, and I will take money on that.
http://www.dailykos.com/story/2006/1/20/194930/758
Links on the flip.
They listened to - can you guess? American engineers and pumped salt water in from below to increase flow, so 50% of the fluid taken out of the ground is salt water.
Infrastructure rotting. No time to stop and rebuild. No new refineries. Kuwait is only the tip of the oil dome.
Every projection from every oil and gas institute says that there will be a 'dramatic' decrease in the world's population.
http://www.dailykos.com/...
http://www.lifeaftertheoilcrash.net/
http://www.peakoil.net/
http://www.peakoil.org/
http://www.hubbetpeak.com/
http://www.postcarbon.org/...
http://culturechange.org/...
http://www.physorg.com/...
http://www.api.org/
Please recommend if you think this story is important.