The World in 2030

The World in 2030 187
or new methods of more efficient extraction are found.
For example, The New York Times reported bullishly in
March 2007:
Will we seek a peak production year (2010?) and
will supplies after that become erratic and uncertain?
No.
More oil available than thought – new steam pressure
method raises extraction rates from existing
field. Some of the gas pumped back is CO 2
.
Chevron 357 engineers here started injecting highpressured
steam to pump out more oil. The field,
whose production had slumped to 10,000 barrels a
day in the 1960s, now has a daily output of 85,000
barrels.
However, the beginning of the end of the global oil supply
(peak production year) will almost certainly have occurred
by the time we reach 2030. In the meantime, world demand
for oil continues to soar, especially in the developing
countries.
The problem with oil is that most of it is used for
transportation and no practical means of extracting (or
sequestering) CO 2
at the point of vehicular emission exists,
nor is thought to be practical in the future. The future for
the oil industry may remain bright, but way before 2030
governments, businesses and consumers must have reduced
sharply their reliance on this energy source.