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Written by 2Renew
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Saturday, 12 July 2008 11:09 |
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In 2005, Exxon Mobil quietly issued a statement projecting a peak in oil within 5 years.
China, with new found wealth, has caused a surge in auto sales buying a few million new cars every year. They've been increasingly stepping away from the traditional forms of transportation, bicycling, which they've used for lifetimes. You can see the same results happening in India. Both China and India are growing industrialized nations, therefore we will continue to see a rise in oil demand from these countries.
Most experts will tell you that peak oil will occur soon. Four billion barrels of oil are discovered every year. The world consumes 22 billion barrels. It is thought that no new oil fields are waiting to be discovered and to continue oil production we will need to tap into deposits of previously discovered oil fields.
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