The US all liquid and crude oil production chart should be updated
I’m always mystified by seemingly intelligent people who can not grasp the basics of peak oil. Every oil well will go through discovery and development, until it reaches a point of maximum production. Then it will go into decline until it reaches a point at which it is no longer economical viable. This can usually be expressed as a bell curve. This applies to individual wells, fields, regions, nations and ultimately the planet. Look at the oil production chart for the U.S. which peaked in 1970. It follows exactly this pattern and no amount of new technology has ever reversed it more than temporarily. Look the chart for Alaska. Look at the chart for Texas. We solved our peak oil problem by importing cheap oil. What will prevent Saudi Arabia or any other nation from peaking and going into decline? Wishful thinking? No, 17 years from now Saudi Arabia will have no oil to export because they be consuming it themselves. You think your fracking revolution is going to replace Saudi oil. No. Peak oil is a theory like the sun will rise tomorrow is a theory.
County Monthly Oil Production Charts - BakkenBlog
Peak oil. Oil production chart | Politics in the Zeros
Also, check out the oil production chart from the same article, as it shows clearly that Domestic Oil Production is on its way down. In fact, we have trimmed 160,000 bpd off of domestic production in the past 6-7 weeks, and lots more is soon to follow. Included in that, we could mention that we have had three solid weeks of stockpile drawdowns, and storage at the major storage facilities (i.e. Cushing) have all been dropping the past three weeks as well. Clearly, these are Bullish signs, and not Bearish. The oil "rally" shall continue, even if it is rather chaotic, and has times where WTI drops back into the $50's, and then back into the $60's etc. I think we could easily see $70 oil by August.
North Dakota Oil Production Chart2
With the recent data now in for October 2010, let’s also update the average annual crude oil production chart. | see: Global Average Annual Crude Oil Production mbpd 2001 – 2010.