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55 comments on Warning: The Mining Boom is Fading Fast
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Actually the real issue is Peak Oil and lack of additional supply. Demand from China and India is way below US and European demand. There is even increasing demand in the US believe it or not.
If there was additional supply available e.g. some new Saudi Arabia or magic bullet were found then no problem at all Oil would be at $10 per BBL.
Umm. Even if we found a magical new Saudi Arabia that could instantly produce 8 mbd, and even if the rest of the world could magically not decline, we would be right back at peak oil in 4 years (2% growth rate). At 3%, it would only take 3 years.
It doesn't matter how much new oil we find, we cannot grow oil production.