In 1998, Colin Campbell, world renowned oil geologist, drew attention to the fact that the world was moving rapidly towards Peak Oil and that some time early in the twenty-first century the supply of oil would reach a maximum and then go into decline. Colin Campbell's analysis was based on the previously successful prediction of the peak in production within the [lower 48-state] USA around 1970-72, made by Hubbert. Since 1998, increasing numbers of oil geologists and energy analysts have accepted the validity of imminent Peak Oil. The majority of those connected with the Association for the Study of Peak Oil and Gas now say that Peak Oil will almost certainly occur before 2008, and possibly as early as the latter months of 2005, after which the supply goes down.
We also note that, due to human population growth and the rapid industrialisation of China and India etc., demand for oil is increasing. It therefore comes as no surprise whatsoever to learn that oil prices have been trending upwards for several years and the trend is accelerating. This reality is recognised by both oil futures traders and investment analysts, some of whom have predicted oil to be trading at US$80 or US$100 later this year.
http://www.nzherald.co.nz/index.cfm?
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