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Not the Fringe Anymore

It’s official. The Wall Street Journal (not some environmental tree-hugging pub) today has an article stating that producers could hit the ceiling on the number of barrels of oil that that can be pumped in a day by 2012. This would be roughly 100 million barrels, current production is something like 85 million barrels. Nice analysis and graphs on the Oil Drum.

Will this satisfy demand? Not a chance.

Not all see this as gloom, though:

Many leaders of the industry still dismiss the idea that there is reason to worry. “I am no subscriber to the theory that oil supplies have already peaked,” said BP’s chief executive, Tony Hayward, earlier this month in a speech in Houston.

Exxon Mobil Corp. Chief Executive Rex Tillerson has said that if companies had better access to the world’s oil reserves, production would increase and prices would go down. “Sufficient hydrocarbon resources exist to play their role in meeting this growing global demand, if industry is allowed to access them,” he said in a speech this month. If access were granted, Exxon Mobil believes the industry would be able to raise fuel production to meet demand in 2030 of 116 million barrels a day.

Calling Matthew Simmons!

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