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Click on link below to be taken to this Iraq Peak Oil article

 

 

Iraq And The Problem Of Peak Oil

Article from the 'Centre for Research on Globalisation'

 

    "The problem in oil production is not how much reserves are underground. There the numbers are more

    encouraging. The problem comes when large oilfields such as Prudhoe Bay Alaska or the fields of the North

    Sea pass their peak output. Much like a bell curve, oil fields rise to a maximum output or peak. The peak is

    the point when half the oil has been extracted. In terms of reserves remaining it may seem there is still ample

    oil. But it is not as rosy as it seems. The oil production may hold at the peak output for a number of years

    before beginning a slow decline. Once the peak is past however, the decline can become very rapid. Past

    the peak, there is still oil, but each barrel becomes more difficult to exploit, and more costly, as internal

    well pressures decline or other problems make recovery more expensive for each barrel. The oil is there

    but not at all easy to extract. The cost of each barrel past peak is increasingly higher as artificial means

    are employed to extract it. After a certain point it becomes uneconomical to continue to try to extract this

    peak oil."

 

 

 

 

 

 

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