Warning: Oil supplies are running out fast

As of now oil is trading above $71 per barrel. Yikes!

In the Independent of the UK day there was an article entitled, "Warning: Oil supplies are running out fast." In the article it says that Dr. Birol thinks, "that the public and many governments appeared to be oblivious to the fact that the oil on which modern civilisation depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years – at least a decade earlier than most governments had estimated."

This article also reports that, "The IEA estimates that the decline in oil production in existing fields is now running at 6.7 per cent a year compared to the 3.7 per cent decline it had estimated in 2007, which it now acknowledges to be wrong."

The Wall Street Journal also reported on this today. Read it here.

This is potentially a huge problem in the future and needs to be addressed now. This is a potential tragedy of the commons in the making.

What is a tragedy of the commons? Read here to find out.

To learn more about peak oil go here.