Was 2005 the year of peak world oil extraction?

I don't think anyone can claim that.





What is clear is that we're approaching that time, and that demand is rising faster than supply. So oil will get very expensive. Good book:





http://www.amazon.com/End-Oil-Edge-Peril鈥?/a>Was 2005 the year of peak world oil extraction?
Probably not . China is starting to get cars and also India. That is a possibility of 2 billion people . Our 300 million is nothing.Was 2005 the year of peak world oil extraction?
Doubtful. A peak implies that future information is currently known. The total amount of known petroleum reserves is dependent upon price. For example, the tar sands deposits in Alberta are estimated to have more oil than the Middle East. But, it costs about four times as much per barrel to extract these. History has shown that predictions of ';running out of oil'; and ';peak years'; have been made often over the past forty years only to be proved wrong. As the price of oil has risen so have the amount of reserves so it is logical that the peak Peak Year is still into the future and will only be known using hindsight.
Only for some countries, such as Saudi Arabia. Many expect 2008 will be the peak year of oil extraction, although some believe it may come as late as 2018.