FaceGlobalWarming.com

When will global oil supply stall and start to decline? An important part of the answer to this frequently asked question comes down to oil field decline rates - that is, the annual rate at which production from existing fields goes down. The decline rate is a key link in the chain of factors needed to understand the future of the world oil supply.

If we want a picture of likely oil production capacity in coming years, getting the decline rate right is critical - at least to understand the below ground potential. Of course, the decline rate does not address the important factors above ground - ranging from geopolitics to investment decisions - that will also affect future production.

Life is easy. On chilly days we turn up the heating, boil the kettle and settle in front of the TV, feeling nice and cosy. But at the back of our minds we all know that our children and grandchildren may end up paying the price for our comforts. We need to start implementing alternative sources of energy in our homes, and we need to start now.

For the last 100 years or so we have been relying on fossil fuels to power our lifestyles, but this is now recognised as damaging to the environment and anyway, resources are limited. If we want to carry on enjoying our creature comforts then renewable energy is the way to do it.