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Oil Crisis by 2010
27/Aug/2006: Worlds oil production will peak in just 1500 days. After that, oil shortages will force massive changes to our lifestyle and business, experts have predicted.
Higher petrol taxes to deter people buying as much, strict petrol rationing and Adelaide production of small fuel-frugal cars were urged yesterday by an Australian group concerned with "peak oil". That is when world oil production peaks. After that, shortages will occur.
Few large discoveries were being made, with the prediction of even less new oil in coming years. Oil supply will peak in 2010-11 at around 92 to 94 million barrels a day.
Biofuels would mitigate the oil shortage problem but were not the main solution. Hydrogen fuel-cell cars also were not the answer.
This will lead to peak oil theory (Peak oil is when flows can't meet the required demand). Peak-oil theory is controversial. Many think it alarmist. Aboveground, things look little better. Most petro states, aware that crude supplies are growing increasingly valuable, have limited drilling rights to their own oil companies.
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