¥The
20 largest oil fields were discovered between 1917 and 1979
¥Since
1981, oil extraction has exceeded new discoveries by a widening margin
¥Most
of the easily recovered oil is already pumped
¥
Photo Credit: iStockPhoto /
Brasil2
Once oil production turns downward, countries will compete for a shrinking supply. It will be far more difficult to expand energy-intensive agricultural production when the price of oil is rising and the supply is declining.