Tuesday, July 23, 2013

BBC reads geophysics report, draws opposite conclusion that just happens to match oil industry propaganda

Nafeez Ahmed | guardian.co.uk: ""Global production of crude oil and condensates... has essentially remained on a plateau of about 75 million barrels per day (mb/d) since 2005 in spite of a large increase in the price of oil. Even more important, the global net oil exports from oil-exporting countries (oil production minus internal consumption) have peaked and are in decline.""
We add that the plateau of production is inflated by measuring in barrels instead of energy units, and biofuels have been added in as well by most publishers of this data.

The oil industry is living on a bubble. If investors realize that much of what is being counted as reserves will never be able to get to market, there could be a crisis of confidence and a loss of value.

This is why there is a massive propaganda campaign. Unfortunately, many so-called scientists and journalists are complicit.

To keep up with the actual facts about oil and energy in general, we recommend these writers: