Everyone Missed It, But The EIA Just Totally Confirmed Peak Oil
We covered the EIA’s release of its annual energy outlook, and noted the fact that the organizations’ demand estimate had been lowered.
But Steven Kopits of Douglas-Westwood writing a guest post at EconBrowser notes something that everyone’s missed, and argues that EIA has gone “hardcore” peak oil.
As recently as 2007, the EIA saw a rosy future of oil supplies increasing with demand. It predicted oil consumption would rise by 15 mbpd to 2020, an ample amount to cover most eventualities. By 2030, the oil supply would reach nearly 118 mbpd, or 23 mbpd more than in 2006. But over time, this optimism has faded, with each succeeding year forecast lower than the year before. For 2030, the oil supply forecast has declined by 14 mbpd in only the last three years. This drop is as much as the combined output of Saudi Arabia and China.