Chart of the week: Peak oil in 2005?
Global average annunal crude oil production 2001 – 2010
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—– look inside —– $5.94 / $20.00
—– look inside —– $4.90 / $8.00
—– look inside —– $15.99
—– look inside —– $5.99 / 12.99
—– look inside —– $5.93 / $12.99
—– look inside —– $4.97 / $9.90
—— Ugarteche, Puyana and Madi ——
Gerson Lima / Maria Alejandra Madi
Edward Fullbrook and Jamie Morgan
————— Michael Hudson ————–
Maria Alejandra Madi / Jack Reardon
————- Edward Fullbrook ————-
—————— Steve Keen —————–
————— Richard Smith —————
————– Gustavo Marques————
– Victor Beker and Beniamino Moro –
————– Lars Pålsson Syll ————-
—————– Stuart Birks —————-
Edward Fullbrook and Jamie Morgan
———— Armando Ochangco ———-
Shimshon Bichler / Jonathan Nitzan
————— Mauro Gallegati ————–
————— Herman Daly —————-
————— Asad Zaman —————
—————– C. T. Kurien —————
————— Robert Locke —————-
Real-World Economics Review Blog 
There is no such thing as “peak oil” (or substitute “energy” if you like).
We’re sitting on more energy resources than we will ever use and their extraction is determined by need rather than availability.
The myth of “prak oil” rates right down their with “global warming.” How can we have peak oil when we haven’t explored or drilled in other known spots of the world for oil. If “peak oil” does exist it is the fault of those who refuses to believe in reality and drill for new sourses of God’s nector. Drill, baby, drill!
Nome and McDaniel – sounds like a comedy team. Your comments are clever irony or ?
The writing on the well.
It’s enlightening to compare the production chart with ‘real’ prices, i.e. prices deflated with the CPI ($)
2001/28,–
2002/28,–
2003/33,–
2004/43,–
2005/56,–
2006/63,–
2007/67,–
2008/92,–
2009/54,–
2010/80,– (estimate)
Source: http://www.inflationdata.com/inflation/inflation_rate/historical_oil_prices_table.asp
Even at the depth of the Great Financial Crisis, prices were way higher than in 2004 and at par with 2005, while three years of extra ordinary prices – 2006, 2007, 2008 – did not lead to an significant increase of production. Chill, baby, chill!
The best guess seems to be that peak oil either has happened or will happen in the next few years. Hard to be more precise than that. But very high oil prices seem to induce recessions which reduce demand, so there is some ceiling on the price.
For that last five years, every extra ton of oil used by China or India has been a ton less used by someone else. There seems to be an informal, but effective, rationing/demand reduction system operating instead of a clear price response.
Any economic insights on this?