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Jun 22 2007
Oil is a finite resource. Now, even conservative analysts at Lloyds of London insurers and Chatham House consultancy are predicting oil prices rises to $200/bbl in a new report.
In our short film featuring Pierre Terre, with Bill Burke of the Post Carbon Institute, we find out about "Peak Oil" and why so many oil/gas wells are running dry. We see California oil wells and their ugly, toxic tar residues.
Across the world, oil production is highest just as we reach the end of the lifetime of many oil and gas wells. The year 2010 was predicted as the peak production year.
This is the "Peak Oil" problem.