The British have played a leading role on the world stage for a few centuries and still put on a splendid show of pomp & circumstance, as well as unbounded exuberance about a new royal birth. However, unless the Brits can find a commercially viable substitute for crude oil, or become totally dependent on imported oil or start a war with a country that has oil, their future will be extremely bleak when the third in line to the throne becomes king. The graph below shows that U.K. oil production reached peak level just before 2000 and has been declining ever since then. Peak production was more than 2.5 million barrels per day (mbd) and is now less than 1 mbd.
This decline is already having a negative effect on the U.K. economy and its struggle to recover from the recession. “The latest oil and gas projections coincide with a separate report which concluded that the decline in the North Sea is already holding back the UK economy, prolonging the recession and stifling economic growth.”
At some point, the United States will also experience declining oil production along with the same bleak prospects as the U.K. Anyone in the U.S. government planning for this eventuality? Congress or are they too busy fund raising for the next election and have no time?
J. H. Everson SBIR ConsultantTags: Peak Oil, Royal Birth, U.K. Oil Production