http://www.sptimes.com/2007/09/24/Worldandnation/Analysts_watch__wince.shtml">Analysts watch, wince as Mexico's oil supply dwindles
They warn of an irreversible output decline.
"Mexico's oil production is in decline. There's probably no way to stop it," said Mike Rodgers, an expert at one of the top oil industry consulting firms, PFC Energy in Houston.
Mexico is the second largest supplier of oil to the United States (about 1.5-million barrels a day). But output from its major fields is dwindling fast, according to official figures from the state-owned oil giant Petroleos Mexicanos (Pemex). The country's known oil reserves will run out in nine years, the government says, potentially undermining the nation's oil-dependent budget.
Mexico's decline only adds more pressure to prices in a tight global oil market, which hit $83 a barrel Thursday. Worse still, its emptying wells are only a reflection of a global decline in aging oil fields around the world.
With no major oil fields left to discover, analysts say the world is approaching "peak oil," the moment at which oil production hits its maximum capacity and slowly starts to fall.
Beginning in just a year's time, Peak Oil will emerge as the defining event of every living person's life in these United States. In just five years' time, we will be suffering energy resource depletion that will devastate our civilization. In ten years' time, more than half of the world's population will have died off from the effects of oil depletion and the wars that will surely be fought by countries desperate to secure their energy needs, especially the ones whose lifestyles were once considered non-negotiable.
We are already past the point of no return.