Peak Oil Goes Mainstream

As usual, it looks like the US government will be the last to know something important. While the EIA continues to issue rosy forecasts for world oil supply the OPEC house organ in its latest issue (PDF) features an essay by Dr. Shokri Ghanem of Libya—their winner of "Oil Executive Of The Year" award—which puts an exclamation point next to the reality of Peak Oil. (See page 62 of the PDF.) The essay is worth noting because it doesn't include OPEC's normal ambiguity and prevarication. And since the house organ doesn't publish dissident views we can safely assume that there now exists a significant group within OPEC that's worried about Peak Oil. If they're worried, we should be, too. What catalyzed this outbreak of candor? Perhaps the fact that OPEC member Indonesia is now a net importer, but who knows... Many thanks to David W. for the heads up.