When someone IN THE OIL BUSINESS says we've hit peak oil, we've hit it!
http://news.tradingcharts.com/futures/6/7/65930576.html"Apr 28, 2005 (Tulsa World - Knight Ridder/Tribune Business News via COMTEX) -- Energy tycoon Boone Pickens is known for making bold predictions about the price of oil and gas.
He's been right most of the time.
Pickens' latest prediction, though, may leave motorists a bit bug-eyed.
World oil production has peaked, and Oklahomas will be paying $3 a gallon for gasoline within a year, Pickens said Wednesday.
"We're getting ready to come upon some very serious energy problems for the world," he said.
Global oil output has peaked at about 84 million barrels a day, never to rise again, said Pickens, who spoke to the Rotary Club of Tulsa.
The problem is that world oil demand has been projected to rise to 87 million barrels a day this year.
"You can't get 87 out of 84. Something has to happen," Pickens said. "Demand has to come down, or supply must go up. I'm convinced that supply cannot go up."
Demand, he said, has overtaken the world's available supply of crude."