CERA Refutes Peak Oil Theory
In a new report out today by Cambridge Energy Research Assoc. (CERA), the organization disputes the widely held belief that the world has seen the peak in oil production.
CERA states that the globe has oil resources closer to 3.74 trillion barrels, three times as large as the number estimated by the oil bears. They also go on to refute the peak oil theory on a number of points, and say that the argument is based on faulty analysis.
This is the fifth time that the claim has been made that the world is running out of oil. While CERA's view is not one of abundant supply, they say that production will likely not peak before 2030, and then it will more likely plateau rather than decline precipitously.