time stock up on leather jackets.
February 16, 2006 7:31 AM Subscribe
Has oil already peaked? Princeton University geology Professor Kenneth Deffeyes argues that it has, based on the fact that oil production should peak when half the worlds oil has been produced. According to him, that happened in December of 2005, at 1.0065 trillion barrels. critics claim that new methods and economic effects should prevent peak oil from happening, although global oil discovery actually peaked in the 1960s. Meanwhile stock speculators are making mad bank betting on peak oil today.
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