What is Peak oil?
"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite natural resource, subject to depletion."
--Colin Campbell
BP challenges ASPO in bet over peak oil
Submitted by Mikael Höök on Tue, 2008-06-10 19:37.
BP Plc Chief Executive Officer Tony Hayward is putting money on the line to dispute the theory of peak oil, according to his counterparty in the wager Kjell Aleklett, a professor at Sweden's Uppsala University.
Hayward bet Aleklett the price of one barrel of oil in 2018 that global crude production will be greater than the current daily output of 85.5 million barrels, the professor said during his speech at the Asia Oil and Gas Conference in Kuala Lumpur. Total supply was 86.8 million barrels a day, including natural gas liquids such as propane.
I am upset that the bet is so low, only the price of one barrel of oil, Aleklett said to laughter from the audience at the oil conference in Kuala Lumpur.
Read more: Bloomberg News
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