vangel

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February 28, 2010, 8: 02 am morganovich: vangel - the drop in production has more to do with politics than resource scarcity. iraqi, mexican, venezuelan, iranian, etc fields are run by governments and state oil companies. their fields are in decline from under-investment, not resource depletion. it takes money to maintain oil fields and well production. if you milk them for maximum cash flow, then production drops quite significantly after a couple of years regardless of the size of the reserve.

Coyote Blog » Blog Archive » A Great Example Why Peak Oil Theory Has Never Been That Compelling to Me 2010