Monitoring Peak Oil Number 5

Oil Production July 2007: 85.26 millions of barrels per day

The highest production of all liquids ever recorded was in July of 2006 as I always emphasize. However, if we only count crude and condensate (C&C), the month with peak production was May of 2005. If oil demand were to stay steady, this would not matter too much. We are entering the third quarter of 2007, were oil demand is predicted to be 86.1 mbpd. Furthermore, in the fourth quarter the demand will be 88.1 mbpd. Guess how much the gasoline prices would rise...