Letter Re: More Evidence of Peak Oil Decline–Preparing for Much Higher Gasoline Prices
Dear Jim and Family, Bad news from the largest oil field in Mexico. The Canterell field, formerly reported to decline at 2% last August, 6% in October, and 11% in December has been rated at 25% today. Oil production has dropped from 1.99 million barrels per day to 1.5 million barrels per day. This is a very bad thing. Most of that oil goes to the USA via NAFTA treaties. There are no fields to replace it, and since Mexico has 51% leftist leanings, no oil company will risk investing there (Pemex was formed from seized foreign oil investments, most …