Scientists led by the London-based Oil Depletion Analysis Centre say that global production of oil is set to peak in the next four years before entering a steepening decline, which will have massive consequences for the world economy and the way that we live our lives.
According to "peak oil" theory our consumption of oil will catch, then outstrip our discovery of new reserves and we will begin to deplete known reserves. Colin Campbell, the head of the depletion centre, said:
"It's quite a simple theory and one that any beer drinker understands. The glass starts full and ends empty and the faster you drink it the quicker it's gone."
::Independent via ::Environmental Economics