It’s Halloween.
And I have to tell you, the last time the old Lukester was this scared was back in 1983 when I ran into Oprah. She was walking the streets of Baltimore before she had her face on.
But nothing compares to what I’m about to tell you…
The End of Times
You see, I just finished reading the latest issue of the Petroleum Review. It knocked my socks off.
It outlines that the world is now up that proverbial peak oil creek without a paddle.
Fueled by the growing demand for fossil fuels, global oil production has increased over the years. But according to the October issue of the Petroleum Review, the party is over.
The current review illustrates that crude production by the world’s largest private oil companies is currently in decline. Oh, and please keep in mind, that oil demand is still growing.
The latest production statistics show that in the first half of 2005, most the top 22… and almost all of the 10 publicly traded oil companies produced less crude and natural gas liquids than they did in 2004.
Take a look:
From now on, every year going forward, production will fail to meet demand, and shortfalls will increase. Mark my words.
The major oil companies are now really struggling to hold production levels. And only a small few are managing to maintain their market share of global production.
The review stated that of the top five oil giants, British Petroleum was the only company that managed to increased production at all.
If this doesn’t vividly exemplify that the world now faces a serious production problem, I don’t know what does.
Producers can no longer keep up with the world’s insatiable appetite for oil. So prices must continue to climb.
High oil prices mean high prices for just about everything else. And the majority of Americans are in for a rude awakening.
This couldn’t come at a worse time.
As you’re about to read from Sam Hopkins, the Chinese economic juggernaut is just getting started. The fuel the Chinese transportation industry will need in the years ahead is going to stretch oil and gas supplies tighter than Joan Rivers’ face.
Happy Halloween…
Or, as the Thought Police here in Balwmer call it now…
Happy Fall Festival,
Luke Burgess
