Princeton University geologist Ken Deffeyes predicted that global oil production would peak on Thanksgiving Day, 2005. In 2005, daily global oil production averaged 85 million barrels per day. Daily petroleum liquids production in July was 96 million barrels per day.
For the past six months global oil prices have been falling steeply. Today West Texas Intermediate was selling for $43.20 per barrel. That means the price per barrel is just over $31 in inflation adjusted 2000 dollars. CNBC cite analysts who project that the price will fall further into the $30s per barrel range soon. Should the price fall to $30 dollars, that would be about $22 per barrel in 2000 dollars. That would be nearly back to what the price was 15 years ago.
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