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Wednesday, June 15, 2005

Over the Peak Oil

The Independent reports that oil production is falling fast in Britain's North Sea...
Britain suffered the steepest fall in oil production of any country last year, according to a report yesterday that will fuel fears of an end of the era of North Sea oil revenues.

BP, the global oil giant, said North Sea production fell by 10 per cent last year. The drop of 230,000 barrels a day was the biggest fall of any oil producing nation.

Its annual statistical survey also showed that the UK became a net importer of gas for the first time last year. Last year government figures showed the UK had fallen into an oil deficit for two months in the autumn for the first time since 1991.

Can't say I didn't see this coming, but sometimes it just isn't any consolation to be right.

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