Roger Baker provided these insights on a list serve maintained by Solar Austin on Yahoo groups:
Look at the jagged graph at the top of the page on The Oil Drum. It represents the very best official information available on world oil production during the last few years.
Given the soaring price of oil over the last several years, why would production have slowed down so much that world production appears to be stagnant during the last year or so? Other than the fact that production can no longer respond to price, so that steadily increasing demand causes the price to rise sharply to accommodate this new reality.
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