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Turning Off the Taps
You don’t have to have an awful lot of gray hair to remember the excitement around England’s massive North Sea oil fields. While discovered in 1969, it wasn’t until well into the 1980s, on the back of surging oil prices, that the fields came into full production. Turning up the taps, the United Kingdom (as well as Norway and Germany, who also have North Sea production) became a significant exporter of oil.
But then, in 1999, something happened: the UK’s North Sea production hit peak… that tipping point after which reservoirs go into decline, setting in motion both reduced production and progressively higher…
12Jun2008 | Whiskey and Gunpowder | Comments Off | Continued
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