The fear that we have reached peak oil seems to have abated in recent years as the US and other countries began extraction of shale oil. But that doesn’t mean we should think that this problem has gone away. According to UPI.com , new research published by the Royal Society’s Philosophical Transactions A suggests that the shale gas reserves are just a false dawn and that oil production has reached a terminal tailspin, as supply increasingly struggles to keep up with demand. Oil rig with gas flare: we’ve already passed peak oil according to new research The impact of this will be felt by economies all around the world, resulting to exploiting ever-more difficult to extract oil supplies in an attempt to prop up supply. Former BP Geologist and co-author of the new research paper, Dr Richard G Miller told students at the University College London that data from […]