There are, simply, three major parts to the coming global economic mess that will be created as we enter into the period of Peak Oil. The first of these comes from the current rising demand for oil, particularly emphasized by those countries, such as China and India, where demand is rising fastest. The second part is the declining production from existing fields as their reserves are drawn down. (Though it should be remembered that even when “exhausted” the fields will still contain vast quantities of oil, but oil which is at present not economically recoverable). And finally there is the oil in the undeveloped, and undiscovered wells and fields that can be added to the existing reserve to help ameliorate the imbalance between demand and supply from existing wells. The high decline rates from long horizontal wells drilled into, and along the shale deposits in the United States, most […]