Running Out Of Oil

Jun 10 2011 @ 10:12am

Giant_discoveries

A new giant oil field has been discovered in the Gulf of Mexico. Kevin Drum says the news changes nothing:

One of the clearest indications that the planet is running out of oil is the fact that discoveries of giant oil fields have slowed so dramatically in the past couple of decades. … [H]istorically speaking, this is a pipsqueak [oil field], and we're finding damn few fields of even this size.

The Economist charts the global rise in demand for oil. The above chart, via Drum, is from Fredrik Robelius's 2007 doctoral thesis on giant oil fields.