T. Boone Pickens says global oil production has reached its peak
Jim Krane, Associated Press, March 1, 2007
Legendary Texas oilman T. Boone Pickens sees today's stubbornly high oil price as evidence that daily global production capacity is at — or very near — its peak.
If demand for crude oil rises beyond the current global output of roughly 85 million barrels per day, Pickens told The Associated Press, prices will rise to compensate and alternative sources of energy will begin to replace petroleum. ...
Pickens predicted oil prices will rise this year to an annual average of around $70 per barrel. On Wednesday, prices settled at $61.79 on the New York Mercantile Exchange. ...
Everything from nuclear, coal, wind, solar, hydrogen and biofuels stands a chance to assuage growing demand for energy, Pickens said.
I have found T. Boone to be quite accurate, but not this time. We are at a peak of conventional oil, not all oil. I agree with everything else he said.