Oil & Chaos: The Day of Reckoning is Upon Us

Posted by Puru Saxena via The Daily Reckoning

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Welcome, ‘Peak Oil’01/29/11 Hong Kong, China – The day of reckoning is approaching and the world does not have a contingency plan.

The truth is that the world’s output of conventional crude oil peaked in 2005 and global oil exports are also past their prime. Furthermore, the unconventional sources (tar sands, heavy sour crude, ethanol, natural gas liquids, bio-fuels and shale) are struggling to keep up with the ongoing depletion in the world’s largest oil fields. Therefore, it is probable that the world’s current production of total liquids is at or near maximum capacity.