Oil production has begun falling at all of the major Western oil companies, and they are finding it harder than ever to find new prospects even though they are awash in profits and eager to expand. Full Story »
Posted by Kaizar Campwala
A superb story from the New York Times which lays out in detail the failure of Western companies to invest in exploration, the increasing nationalization of reserves, and the likelihood that nations ill-equipped to extract the resource even from proven fields will in future have one hand wrapped around the world's throat and the other in the consumer's pocket. Peak oil, if not real in terms of potential, will certainly be real in terms of actual development.
