The Oil Drum is a fantastic website in the Peak Oil niche. Their authors are very intelligent on their topics, and the information provided is truly top notch. However, a great deal of their articles assume an audience that is relatively well versed in the energy field.
I thought I would share this post as it is based on a presentation which may be a better intro for those less well educated on energy matters. You can see clearly that the world is a supply crunch when it comes to oil consumption. There simply isn’t much room for give in supply and we currently have some slack only from demand. If you assume that there is about a 4 million barrel a day surplus you can quickly decided that it will not take long for an economic rebound to usurp that surplus.
Furthermore, the U.S. only produces about half of the oil that it did in 1970. This trend (depletion of production) can be seen elsewhere in there world (especially in places like Mexico). I suggest reading this post from the Oil Drum as a primer to understanding the challenges that the world faces.
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