Breaking News: Tom Petrie of Bank of America Merrill Lynch says we are at Peak Oil (Video)

Update: The video is now online. The segment about Peak Oil begins at 3:03mins. I have downloaded the clip just in case some one at Bloomberg decides to take it down. I am sure others will download and upload it as well.

This one goes out to all the incredulous out there...the deniers of Peak Oil. A lot of people have been clamoring about Peak Oil for 8-10 years, including myself.

I just saw Tom Petrie of Bank of America Merrill Lynch say on Bloomberg TV that we are at Peak Oil, and that inspite of BP's "giant" oil find, there will be no change in the oil supply (no surplus). In other words, the World's oil supply will continue to terminally decline.

He cites two reasons for the World being at Peak Oil:

- Geological limits

- Political limits

The reason the U.S. government has put a limitation to offshore drilling is because they are in the process of first securing and consuming the oil in the Middle East, Africa, and the Caucuses before drilling in the U.S. offshore. Its another way of conserving oil at home until it only becomes absolutely necessary to extract it. However, I doubt, that the oil reserves in the offshore are anywhere near 80 billion barrels, and even if the supply were anywhere near that figure, that would translate to a mere 3 year global oil supply, which is nothing and does not save us from Peak Oil!

If anyone uploads the Bloomberg video or finds the link to it, please post  it here.




This is a major admission coming from one America's top banks. I can't emphasize the importance of Petrie's statement.