Cheney on peak oil

Discussion in 'Economics' started by Pekelo, Oct 8, 2006.

  1. Pekelo


    Dick Cheney made the following statement in late 1999 at the Institute of Petroleum Autumn Lunch:

    "By some estimates, there will be an average of two-percent
    annual growth in global oil demand over the years ahead,
    along with, conservatively, a three-percent natural decline
    in production from existing reserves. That means by 2010
    we will need on the order of an additional 50 million barrels a