World oil production will not begin to fall for at least another 24 years, contrary to doomsday theories that supply is already in terminal decline, a prominent energy consulting group said Tuesday.
Cambridge Energy Research Associates said in a report that the world has some 3.74 trillion barrels of oil left -- enough to last 122 years at current consumption rates and triple the amount estimated by “peak oil” theorists.
The world consumes nearly 85 million barrels of oil per day, with the United States using about a quarter of that, according to the Department of Energy.
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