Citizens Committee on Oil Peak And Decline: A Statement On
Global Oil Peak Statement On Global 'Oil Peak' We, the members
of the educational and scientific communities involved in the
study of the worldwide peak of oil production, offer the
following statement on the problem and its implications for our
future: Oil is a finite resource. Oil was formed in the
geological past, and a growing number of the world's leading
petroleum geologists agree that more than 95 percent of all
recoverable oil has now been found. We therefore know, within a
reasonable degree of certainty, the total amount of oil
available to us. As of this statement, we have consumed
approximately half of the recoverable oil, and we continue to
consume about 75 million barrels per day. Since 1981 we have
consumed oil faster than we have found it, and the gap between
our growing consumption and shrinking discovery continues to
widen. Oil is now being consumed four times faster than it is
being discovered, and the situation is becoming critical.